Homework answers / question archive / ACCT 152 – Sage 50 Simply Accounting Final Exam Company Name: Security Guards Inc

ACCT 152 – Sage 50 Simply Accounting Final Exam Company Name: Security Guards Inc

Accounting

Share With

ACCT 152 – Sage 50 Simply Accounting

Final Exam

Company Name: Security Guards Inc_.

Security Guards Inc. (known as Security GI in all advertising) provides security services to businesses. Security GI is converting from a manual system and employed a business student, during the Christmas break, to set up the company in Sage 50 Accounting using the following modules:

COMPANY
PAYABLES
RECEIVABLES
INVENTORY & SERVICES (Services items)
EMPLOYEES & PAYROLL

Table of Contents

Part 1: Download the database file

Download the database file from Blackboard, go to final exam, final exam – database file

“EXAM_SECURITY”, click on the file, it will download the file in zipped format.

You will locate the file and unzip the folder on to your desktop

The data file has been completed, except for the EMPLOYEES & PAYROLL module.

Part 2: Open the file Company database file

Open the company file using Sage 50 2018.0 Security

Select the session date as of Jan 01, 2023 date.

Part 3: Company Background

T4 information slips for the year 2022, will be issued from the manual system.

The company plans on using the Sage 50 Accounting system effective January 1, and you have been hired to finish the setup of the EMPLOYEES & PAYROLL module in time to pay all employees on Friday, January 13, 2023.

Security Guards Inc. does NOT print cheques or invoices.

HST is 13%.

You have been provided with the following payroll and other information:

?	Payroll deductions will be calculated by Sage 50 Accounting.
?	Employment Insurance (EI) rate (factor) is 1.4 times.
?	The company is exempt from the Employer Health Tax (EHT).
?	WSIB (WCB) rate is 0.41.
?	Medical is deducted after tax.
?	Medical is deducted from employees as per information provided.
?	Medical is not deducted on vacation pay payments.
?	Employee payroll details should be kept for two years.
?	All employees are paid bi-weekly.
?	Vacation pay is retained for hourly employees.
?	Overtime is paid to hourly employees for any hours over 80 per pay period.

The following deductions are made for each employee:

Medical $15.00 for each employee (salary and hourly).

You have been hired as of Monday, January 2, 2023, as a self-employed contractor (you submit invoices for your time and are not an employee of Security Guards Inc.) to manage the payroll and assist in other business activities. You will set up the EMPLOYEES & PAYROLL module at January 2, 2023, then enter the January transactions that follow and print required reports for management.

The company has completed the December 31, 2022 year-end, and has provided you with the Sage 50 Accounting data file at January 1, 2023. The January 1, 2023 Trial Balance and Customer and Vendor detail reports are as follows:

Security Guards Inc.

Trial Balance

January 1, 2023

*Account #*	*Description*	*Debit*	*Credit*
1100	Bank Account	$ 46,785.95	$ -
1200	Accounts Receivable	12,656.00	-
1210	Allowance for Bad Debts	-	3,000.00
1220	Loans Receivable-Payroll	0.00	-
1380	Prepaid Supplies, Insurance, etc.	2,667.60	-
1510	Furniture & Cabinets	22,800.00	-
1515	Accum. Deprec. Furniture & Cabinets	-	6,600.00
2200	Accounts Payable	-	2,582.05
2205	Payroll Accrual	-	0.00
2210	Vacation Pay Payable	-	1,870.00
2220	EI Payable	-	691.00
2225	CPP Payable	-	534.00
2230	Income Tax Payable	-	1,875.00
2250	Medical Plan Payable	-	120.00
2260	WSIB Payable	-	285.00
2650	HST Charged on Sales	-	6,108.00
2670	HST Paid on Purchases	2,626.95	-
3100	Common Stock	-	1,000.00
3201	Retained Earnings	-	62,871.45
3230	Dividends Declared	-	0.00
4100	Revenue - Services	-	0.00
4110	Revenue Adjustments	-	0.00
5110	Wages Expense	0.00	-
5120	EI Expense	0.00	-
5130	CPP Expense	0.00	-
5140	WSIB Expense	0.00	-
5400	Rent Expense	0.00	-
5410	Advertising Expense	0.00	-
5420	Bank Charges & Interest Expense	0.00	-
5430	Insurance Expense	0.00	-
5440	Office Supplies Expense	0.00	-
5450	Telephone Expense	0.00	-
5460	Hydro/Water Expense	0.00	-
5570	Truck Expenses - gas, repairs	0.00	-
5580	Truck Lease Expense	0.00	-
5590	Legal Expense	0.00	-
5600	Depreciation Expense - All	0.00	-
5610	Uniforms Expense	0.00	-
5620	Bad Debts Expense	0.00	-
	Totals	87,536.50	87,536.50

Accounts Receivable details

Account Payable details

Inventory Services Details

Service	SS-1 Security Services Level 1		$25.00 per hour
Service	SS-2 Security Services Level 2		$50.00 per hour

The employee details are listed below: (A blank box means not applicable.)

*Name*	Michael Pembry	Jim Collins	Mary Watson	Joe Brazas
Address	3896 Web Drive, Ajax, ON L1T 3K4	67 Crawford Drive, Ajax, ON L1S 3A9	67 Greta Street, Oshawa, ON L1G 2P5	224 Hallet Ave., Whitby, ON L1N 5K8
Phone	905 619-3075	905 758-2058	905 712-6385	905 684-2525
SIN	403 689 714	502 611 551	210 383 204	705 916 914
Date of Birth	April 14, 1967	February 16, 1973	September 13, 1985	April 28, 1990
Hire Date	March 6, 2017	July 12, 2006	June 4, 2013	February 10, 2007
Tax Table	Ontario	Ontario	Ontario	Ontario
Federal Claim Provincial Claim	11,809 10,354	11,809 10,354	11,809 10,354	11,809 10,354
WSIB rate	Exempt	0.41	0.41	0.41
EI rate	1.4 Michael	1.4	1.4	1.4
	Pembry	Jim Collins	Mary Watson 15	Joe Brazas
Rate per hour		15	Mary Watson 15	15
Hours per period		80	80	80
Overtime per hour		22.50	22.50	22.50
Salary per period	2,000
Salary hours per period	80
Pay periods per year	26	26	26	26
Vacation rate		4%	4%	4%
Vacation Pay Owed	-	640	810	420
Medical	15	15	15	15

Part 4: Finish the payroll setup

Payroll has been setup, but you are yet to add one more employee before finalizing the payroll setup

Create employee profile for Joe Brazas based on the information provided above.

Activate the payroll module to ready mode by click on history tab -> payroll.

Part 5: Record the following transactions:

Record the following transaction in appropriate modules, AP, AR, Payroll and GL.

Jan 02	Issued next cheque for $900.00 plus HST, rent to LandLord Plus Inc. per rent lease.
	Invoice – Jan 2023
	Comment – “Cheque dropped by your first and last name on Jan 02”
	Note: this entry must be numbered as J1 and should include your name under comment. Failure to do that will result in negative 50 marks
Jan 03	Issued a $500.00 cheque to Mary Watson for a payroll loan. This amount will be repaid, at the rate of $20.00 each pay, starting with the next pay on January 13. (Note: Record this using the Paycheques icon.)
Jan 04	Received invoice #2589 dated today, from Uniform Supply Company for 1 new uniform $750.00 and cleaning for 4 others at $12.50 each. All items are plus HST. Total invoice is $904.00. Terms 2/10, n30.
Jan 06	Received cheque #1332 from Government Agencies to pay invoice #3202 in full.
Jan 06	Issued invoice for security services (SS-1) 20 Hours plus HST and received cheque #871 from Mr. Earl Begg for security watch on office contents during a building renovation. This customer is not expected to use our services again.
Jan 10	Received Supplies Canada Inc. invoice #59442 for $210.00 plus HST. Terms 2/10, net 30. The various office supplies received are placed in the supply’s cupboard.
Jan 12	Issued cheque to pay Hydro-GTA Company for amount owing in full.
Jan 13	Issued cheque to Uniform Supply Company for invoices #2589 and #2356 in full taking advantage of any discounts available.
Jan 13	Paid the Receiver General – Payroll; the EI, CPP and Income Tax amounts owing at January 1, 2023.
Jan 13	Issued cheque to Receiver General – HST, the HST owing at January 1.
Jan 13	Mr. Pembry received the timecards from the hourly employees and has given you the

summary below. Issue cheques to the employees dated today.

*Pay Period End date*	*Name*	*Regular Hours*	*Overtime Hours*	*Salary Hours*	*Loan Repaid*
Jan 13	Michael Pembry			80
	Jim Collins	80	7
	Mary Watson	80	7		20.00
	Joe Brazas	80	6

	Jan 18		Invoiced a new customer, Your Name Software Inc. (any address information, terms net 30, credit limit $5,000.00) for services SS-1 (112 hours) and SS-2 (4 hours) Total $3,000.00 plus HST.
	Jan 20		The owner of Your Name Software Inc. called to complain about one of the guards, as there had been a verbal confrontation with a staff member. In order to keep their business, it was agreed that the guard would apologize and a credit memo CM685 would be issued in the amount of $200.00 plus HST. Charge the adjustment to the Revenue Adjustment account.
	Jan 20		Issued cheque to pay Supplies Canada Inc. for invoice #54823 and #59442 in full.
	Jan 27		Received cheque #5689 from Computers R Us to pay invoice #3211 in full.
	Jan 27		Received cheque #1256 from Your Name Software Inc. to pay for invoice less the credit adjustment.
	Jan 27		Mr. Pembry received the timecards from the hourly employees and has given you the summary below. Issue cheques to the employees dated today.
*Pay* *Period* *End date*					*Name*	*Regular Hours*	*Overti me Hours*	*Salary Hours*	*Advance Repaid*
Jan 27					Michael Pembry			80
					Jim Collins	80
					Mary Watson	80	6		20.00
					Joe Brazas	80	3

		Jan 27		After receiving his cheque above, Jim Collins is now on holidays for 2 weeks. Issue a separate cheque for vacation pay owing to Jim. Change Jim's status to Inactive.
		Jan 31		Received bank statement dated January 28. Bank charges of $63.00 have not been recorded by our firm.
		Jan 31		Issued cheque for accounting services to Kermit Larson for invoice #589 for $600.00 plus HST. Add a new general ledger "G" type account "Outside Services" in the Expense section.
		Jan 31		Set up a $880.00 payroll accrual based on calculations provided by Mr. Pembry.
				Source: type “MEMO – XXX” where XXX is last three digit of student number
				Comment – Type “Prepared by your first name” first name will be your actual name.

Part 6: Printing and exporting the reports:

All reports must be saved as a PDF, no word or excel files will be accepted for marking.

Report 1: Export the Trial Balance as of Jan 31, 2023. Save it as “R1_TB_your_name”

Report 2: Export All Journal Entries (NO Corrections) Jan 01 to Jan 31. Save it as

“R2_JE_your_name”

Report 3: Export the Employee Summary report for all employees as of at January 31. Check mark to show all employees, include inactive employees and check the show income/deduction that has YTD amount. Save it as “R3_Employee_summary_your_name”

Report 4: Export the Cheque Log from Jan 01 to Jan 31. Save the report as “R4_Cheque_Log_your_name”

Part 7: Save the backup file:

Save the backup file on your desktop
Go to file -> click on backup ->
1. File name: “FinalExam_Security_Yourname”
2. Location – Save the file on desktop

Part 8: Upload the files on blackboard

Go to final exam on blackboard, click on final exam Drop box.

Scroll down to Submission, click on brose my computer

Locate the files saved under Part 6 and 7
1. “R1_TB_your_name” (PDF)
2. “R2_JE_your_name” (PDF)
3. “R3_Employee_summary_your_name” (PDF)
4. “R4_Cheque_Log_your_name” (PDF)
5. “FinalExam_Security_Yourname” (company datafile backup .CEB)

And then click Submit.

Option 1

Low Cost Option

Download this past answer in few clicks

29.99 USD

PURCHASE SOLUTION

Already member? Sign In

Option 2

Custom new solution created by our subject matter experts

GET A QUOTE

rated 5 stars

Purchased 8 times

Completion Status 100%

Google (5.0)