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Homework answers / question archive / Final Project In this project, you will be entering transactions for Higher Grounds Café & Roastery
Final Project
In this project, you will be entering transactions for Higher Grounds Café & Roastery. The company file has already been set up; please follow your instructor’s direction on how to find and open the company data file.
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in Windsor, Ontario it is owned and managed by Barry Beane. At Higher Grounds, all of their products are organic, grown without any synthetic fertilizers, herbicides or pesticides.
Healthier soil and waters offered to growing produce, in turn means healthier consumers. The downtown café and roastery located on the riverfront and is decorated in a comfortable lounge style, displaying the art of local artists, provides free Wi-Fi and also supports the local music scene with weekly Open Mic nights.
Higher Grounds Café & Roastery, essentially a coffee house provides baked goods and lights lunches organic and fair trade teas and cocoa and other beverages including local wines and beers are also available. Catering service is also available, offering dessert and sandwich trays as well as thermos service for local businesses. Barry Beane manages the day to day activities of the café and has an assistant manager along with trained baristas. He has accounts set up with regular vendors, as well utility service companies and government agencies to which Higher Grounds makes remittances. Some of his vendors offer discounts for early payment.
The majority of customers are one-time customers who pay by cash or credit card, some repeat customers have accounts and are entitled to a 2 percent discount if they pay within five days; net payment is due within 10 days.
Higher Grounds does not pay HST on its food and beverage purchases, but purchases of other merchandise is subject to HST. HST at 13 percent is charged on food and merchandise that is sold.
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CHART OF ACCOUNTS |
Current Assets
1020 Undeposited Cash and Cheques 1030 Bank: Chequing
1040 Bank: Credit Cards 1200 Accounts Receivable
1220 Packaging Supplies
1240 Office Supplies
1260 Prepaid Insurance
Inventory Assets
1310 Coffee and Tea 1320 Beverage
1340 Food
1360 Merchandise
Fixed Assets
1410 Computer Equipment
1415 Acc. Dep: Computer Equipment 1420 Net Computer Equipment
1430 Café Equipment
1440 Acc. Dep: Café Equipment 1450 Net Café Equipment
1460 Furniture and Fixtures
1470 Acc. Dep: Furniture and Fixtures 1480 Net Furniture and Fixtures
1500 Vehicle
1510 Acc. Dep: Vehicle 1520 Net Vehicle
1530 Café Premises
1540 Acc. Dep: Café Premises 1550 Net Café Premises
LIABILITIES
Current Liabilities
2100 Bank Loan
2200 Accounts Payable 2220 Credit Card Payable
2300 Salaries & Wages Payable 2310 Vacation Payable
2320 EI Payable
2330 CPP Payable
2340 Income Tax Payable 2400 RRSP Payable
2420 Group Insurance Payable 2460 WSIB Payable
2650 HST Charged on Sales 2670 HST Paid on Purchases 2750 HST Owing (Refund)
Long-Term Liabilities
2920 Mortgage Payable
EQUITY
3100 R. Beane, Capital 3150 R. Beane, Drawings 3600 Net Income
REVENUE
4020 Sales revenue
4030 Sales Returns & Allowances 4050 Sales Discounts
4100 Sales Tax Compensation 4150 Interest Revenue
EXPENSES
Operating Expenses
5020 Advertising
5030 Bank Charges 5040 Credit Card Fees
5045 Reconciliation Adjustments
5050 Purchase Discounts 5060 Cost of Goods Sold 5080 Item Assembly Costs 5100 Inventory Losses
5120 Utilities Expense
5140 Telephone Expense 5160 Licenses and Permits 5180 Depreciation Expense
5210 Insurance Expense
5220 Interest Expense
5240 Cleaning and Maintenance 5250 Vehicle Expense
5260 Packaging Supplies Used 5280 Office Supplies Used 5290 Property Taxes
EXPENSES
Payroll Expenses
5300 Salaries & Wages Expense 5310 EI Expense
5320 CPP Expense 5330 WSIB Expense
5400 Group Insurance Expense
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POST CLOSE TRIAL BALANCE |
Debits Credits
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1030 Bank: Chequing |
15,482 |
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1040 Bank: Credit Cards |
5,325 |
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1200 Accounts Receivable |
639 |
|
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1220 Packaging Supplies |
500 |
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1240 Office Supplies |
200 |
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1260 Prepaid Insurance |
2,200 |
|
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1300 Coffee and Tea |
5,955 |
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1320 Beverage |
3,500 |
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1340 Food |
500 |
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1360 Merchandise |
967 |
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1400 Computer Equipment |
5,000 |
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1410 Acc. Dep: Computer Equipment |
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1,200 |
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1430 Café Equipment |
20,000 |
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1440 Acc. Dep: Café Equipment |
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3,500 |
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1530 Café Premises |
200,000 |
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1540 Acc. Dep: Café Premises |
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40,000 |
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1500 Vehicle |
50,000 |
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1510 Acc. Dep: Vehicle |
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10,000 |
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1460 Furniture and Fixtures |
25,000 |
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1470 Acc. Dep: Furniture and Fixtures |
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5,000 |
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2100 Bank Loan |
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15,000 |
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2200 Accounts Payable |
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3,731 |
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2220 Credit Card Payable 2300 Salaries & Wages Payable 2310 Vacation Payable 2320 EI Payable 2330 CPP Payable 2340 Income Tax Payable 2400 RRSP Payable 2420 Group Insurance Payable 2460 WSIB Payable 2650 HST Charged on Sales |
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181
4,845 |
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2670 HST Paid on Purchases 2920 Mortgage Payable |
345 |
180,000 |
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3100 R. Beane, Capital |
________ |
72,156 |
|
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$ 335,613 |
$ 335,613 |
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VENDOR INFORMATION |
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Vendor Name |
Address |
Outstanding Balance |
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Bell Canada |
P.O. Box 9000 Don Mills, ON M5N 3S2 |
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Ambassador Cleaning Services |
1535 Bridge Drive Windsor, ON N9S 1G8 |
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Coffee Cooperative |
1755 Arabica Way Toronto, ON M8N 7J1 |
$1,695 |
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Essex Food Supplies |
650 Baker Rd Windsor, ON N8B 1K1 |
$ 800 |
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Ministry of Finance |
613 Queens Blvd Ottawa, ON K3S 3H5 |
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ON Gas |
P.O. Box 8500 Chatham, ON N3A 5L9 |
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ON Hydro |
P.O. Box 3500 Windsor, ON N9S 4G8 |
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Ontario Food Equipment |
93 Cassoulet Ave Mississauga, ON L7K 1S1 |
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Orient Express Tea Co. |
2350 Oceanside Drive Vancouver, BC V5K 2A3 |
$ 510 |
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Receiver General for Canada |
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River City Gift Co. |
320 Bestbuy Dr Windsor, ON N8A 1B2 |
$ 726 |
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Sunrise Distributors |
475 Kings Road Erie Shores, ON N7N 3P2 |
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WSIB |
P.O. Box 2099 Windsor, ON N9A 7B7 |
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Grand Total |
$ 3,731 |
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CUSTOMER INFORMATION |
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Customer Name |
Address |
Outstanding Balance |
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Cash Customers |
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Lockhart, Gardner & Bond |
63 Park Avenue Windsor, ON N5J 2M2 |
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$ 294 |
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MainStream Marketing |
725 Main Street Windsor, ON N5K 4J9 |
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$ 345 |
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River City Credit Union |
33 Riverview East Windsor, ON N6K 3A1 |
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Grand Total |
$ 639 |
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EMPLOYEE INFORMATION |
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Employee |
SIN |
Position |
Salary/Wage Rate |
Pay Period(hrs) |
|
Mario Macchiato |
403 599 401 |
Asst. Manager |
$4,000 |
Monthly(160) |
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Joe Cappa |
588 374 127 |
Head Barista |
$20.00/hr |
Semi-monthly(80) |
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Bloom Moka |
513 191 282 |
Barista/Server |
$18.00/hr |
Semi-monthly(80) |
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Coco Lait |
277 639 119 |
Server |
$16.00/hr |
Semi-monthly(40) |
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Vienna Frappe |
813 402 302 |
Barista/Server |
$18.00/hr |
Semi-monthly(80) |
In lieu of a salary Barry Beane draws $5,000 per month.
All full time employees are entitled to 10 days per year as sick leave. When employees take their vacation salaried employees receive their regular salary and hourly workers receive the retained vacation pay
Higher Grounds pays 50 percent of the medical premiums for an extended health care insurance plan. This is taxable income for the employee.
All employees are single and claim the basic federal and provincial amounts for income tax purposes. All salaried and fulltime staff pay into the extended health care plan at the single rate and also make RRSP contributions.
Mario Macchiato, the Assistant manager receives his salary at the end of the month and is entitled to 3 weeks of vacation per year. For the other employees who are paid an hourly rate vacation pay is calculated and retained at 4 percent.
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Code |
Description |
Min Stock |
Selling Price |
Unit |
Qty on Hand |
Total (Cost) |
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INVENTORY INFORMATION |
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CF01 |
Rainforest Blend 1lb |
5 |
$ 12 |
Each |
20 |
$ 150 |
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CF02 |
Rainforest Blend 5lb |
5 |
45 |
Each |
20 |
563 |
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CF03 |
Guatemalan 1lb |
5 |
15 |
Each |
20 |
188 |
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CF04 |
Guatemalan 5lb |
5 |
50 |
Each |
20 |
625 |
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CF05 |
Kenyan 1lb |
5 |
18 |
Each |
20 |
225 |
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CF06 |
Kenyan 5lb |
5 |
60 |
Each |
20 |
750 |
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CF07 |
Blue Mountain 1lb |
5 |
20 |
Each |
20 |
250 |
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CF08 |
Blue Mountain 5lb |
5 |
65 |
Each |
20 |
813 |
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CF09 |
Sumatra 1lb |
5 |
17 |
Each |
20 |
213 |
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CF10 |
Sumatra 5lb |
5 |
55 |
Each |
20 |
688 |
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TE01 |
Herbal Blends 4oz |
5 |
7 |
Each |
20 |
88 |
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TE02 |
Herbal Blends 1lb |
5 |
20 |
Each |
20 |
250 |
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TE03 |
Green 4oz |
5 |
8 |
Each |
20 |
100 |
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TE04 |
Green 1lb |
5 |
18 |
Each |
20 |
225 |
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TE05 |
Black 4oz |
5 |
9 |
Each |
20 |
113 |
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TE06 |
Black 1lb |
5 |
25 |
Each |
20 |
313 |
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TE07 |
Chai 4oz |
5 |
7 |
Each |
20 |
88 |
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TE08 |
Chai 1lb |
5 |
15 |
Each |
20 |
188 |
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CO01 |
Cocoa Powder 1lb |
5 |
10 |
Each |
20 |
125 |
Merchandise Inventory
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MC01 |
Higher Grounds Coffee Mugs |
4 |
$ 9 |
Each |
20 |
$ 113 |
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MC02 |
Ceramic Travel Mug |
4 |
12 |
Each |
20 |
150 |
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MC03 |
French Coffee Press 4 cup |
2 |
16 |
Each |
10 |
100 |
|
MC04 |
French Coffee Press 8 cup |
2 |
20 |
Each |
10 |
125 |
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MC05 |
Coffee Grinder |
2 |
65 |
Each |
4 |
163 |
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MT01 |
Glass Teapots |
2 |
35 |
Each |
12 |
263 |
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MT02 |
Ceramic Cups 8oz |
4 |
7 |
Each |
12 |
53 |
Accounting Procedures
Higher Grounds uses the regular method for calculating and remitting the HST. All items sold have HST added to them. At the end of each quarter, the HST liability to the Receiver General is reduced by any HST paid to suppliers on purchases. Beverage and food supplies are zero rated. The HST Owing (Refund) account shows the amount of HST that is to be remitted to the Receiver General.
All customers pay by cash, cheque or credit card. The majority of customers are one time customers who pay by cash or credit card. Higher Grounds allows repeat catering customers to pay on account.
Cash and credit card sales are presented as weekly summaries to avoid a large number of small revenue transactions.
Higher Grounds has accounts set up for credit card sales and purchase transactions
All cash and cheques received are held for weekly deposits in the temporary bank account Undeposited Cash and Cheques OR will be deposited straight into bank chequing account. Pay careful attention to the instructions.
Higher Grounds takes advantage of discounts for early payment, offered by suppliers, by paying before the discount period ends.
Higher Grounds also encourage their customers to pay early by offering a 2 percent discount on before tax amounts if they pay their accounts within five days.
Higher Grounds offers an assortment of promotional gift packages that include teas and coffees and accessories. When assembled, these packages require some special packaging material such as baskets, boxes, cellophanes and ribbons which incur additional costs.
FINAL INSTRUCTION TO STUDENTS
This project is designed test all of the accounting knowledge and skills you have learned in the introductory class, as well as you attention to detail and critical thinking abilities.
There are items here you may correct as you work to make the following parts of the project go faster.
SD1: Payment Cheque #701 Dated Feb. 2/19 To Essex Food Supplies, $792 in payment of account, including early payment discount. Reference invoice #EF-613.
To MainStream Marketing, for catering services. Large Thermos service $ 45
Asst. Sandwich Trays $ 70
Dessert Trays $ 75 Bottled Mineral Water $ 30 HST 13%
TOTAL $248.60
Terms: 2/5, n/10
SD3: Payment Cheque #702 Dated Feb. 2/19 To Orient Express Tea Co., $504.90 in payment of account, including early payment discount. Reference invoice #OE-3569.
From Lockhart, Gardner & Bond, cheque # 2378 for $291.06 in payment of account includes discount for early payment. Reference invoice # 578.
Deposit to Undeposited funds.
From MainStream Marketing, cheque # 94 for $341.55 in payment of account includes discount for early payment. Reference invoice # 580
Deposit to Undeposited funds.
SD6: Purchase Invoice # EF-720 Dated Feb. 5/19 From Essex Food Supplies, $950 for weekly order of pastries, breads, condiments and other foods. Terms 1/10, n/30 (charge to food inventory)
Sales Summary for Café credit card sales (to one-time Customers)
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10 CF02 Rainforest Blend 5lb |
$ 53ea |
$ 530.00 |
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6 CF06 Kenyan 5lb |
60ea |
360.00 |
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8 CF08 Blue Mountain 5lb |
67ea |
536.00 |
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10 TE06 Black |
25ea |
250.00 |
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12 TE08 Chai |
19ea |
228.00 |
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4 MT02 Ceramic Cups |
7ea |
28.00 |
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2 MT01 Glass Teapots |
35ea |
70.00 |
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Café customers sales and services |
|
2,715.00 |
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HST |
13% |
613.21 |
Invoice total paid by credit cards $5,330.21
From MainStream Marketing, cheque # 110 for $243.63 in payment of account. Reference invoice # 581 including discount
Deposit to Bank chequing
Return to Cafe by customers (to one-time customers – returns & allowances)
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-2 |
MT02 |
ceramic cups |
7ea |
-$14.00 |
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-1 |
MT01 |
Glass Teapots |
35ea |
-$35.00 |
|
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HST |
|
13% |
-$6.37 |
Total credited to credit card account -$55.37
SD10: Payment Cheque #703 Dated Feb. 7/19 To River City Gift Co., $718.74 in payment of account, including early payment discount. Reference invoice #RCG-2875
To MainStream Marketing, for catering services.
|
Large Thermos service |
$ 45 |
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Asst. Sandwich Trays |
$ 70 |
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Dessert Trays |
$ 75 |
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Bottled Mineral Water |
$ 30 |
|
HST |
13% |
|
TOTAL |
$248.60 |
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Terms: 2/5, n/10 |
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New inventory items required for Valentine’s Day gift packages. Create new
asset Group account 1350 Gift Sets. Create new inventory record.
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Number Description |
Min. |
Selling Price |
/unit |
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GS01 Cocoa Lovers Gift Set |
1 |
$39.50 |
/pkg |
Linked Accounts: Asset 1350
Revenue 4020
Expense 5060
Assemble 10 GS01 Cocoa Lovers gift sets; transfer component items as follows: 10 CO01 Cocoa Powder 1lb $6.25 ea
20 MC01 Coffee Mugs 5.65ea Additional Costs $18.00
Assembled Items:
10 GS01 Cocoa Lovers Gift Set 19.35 each set
SD14: Purchase Invoice # AB-1376 Dated Feb 9/19 From Ambassador Cleaning Services, $325 plus HST for weekly cleaning of café premises. Invoice total $367.25 Terms 1/10, n/30
SD15: Cash Purchase Invoice #WL- 4329 Dated Feb 10/19 From Windsor Life Magazine, $1,500 plus HST for 12 quarter page full colour ads, for annual advertising campaign which launches March 2019. Terms: cash on receipt. Invoice total $1,695.00 paid in full with cheque # 704.
Create a new Group account 1280 Prepaid Advertising.
Delivery Date Feb 20/19
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From River City Gift Company |
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24 |
MT02 Ceramic Cups 8oz |
$ 106.00 |
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36 |
MC01 Higher Grounds Coffee Mugs |
203.40 |
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48 |
MC02 Ceramic Travel Mug |
360.00 |
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12 |
MC03 French Coffee Press 4 cup |
120.00 |
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10 |
MC04 French Coffee Press 8 cup |
125.00 |
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HST 13% |
118.87 |
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Invoice total $1,033.27 |
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. |
Terms: 1/10, n/30 |
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SD17 |
Sales Invoice #584 To Lockhart, Gardner & Bond, for weekly catering services. |
Dated Feb.11/19 |
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Small Thermos service $35 Morning snack Trays $50
Assorted fruit juices $30
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HST |
13% |
|
TOTAL |
$129.95 |
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Terms: 2/5, n/10 |
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Ship Date Feb 20/19
To River City Credit Union,
1 MC05 Coffee Grinder $ 65 ea
1 TE04 Green 18 ea
1 TE06 Black 25 ea
1 TE08 Chai 16 ea
HST 13%
TOTAL $185.32
Terms: 2/5, net 10, deposit of 50% of total before tax required with acceptance of order.
SD19: Purchase Invoice # EF-798 Dated Feb. 12/19 From Essex Food Supplies, $950 for weekly order of pastries, breads, condiments and other foods. Terms 1/10, n/30
From MainStream Marketing, cheque # 106 for $243.63 in payment of account includes discount for early payment. Reference invoice # 583
Deposit to Bank chequing
From River City Credit Union, cheque # 838 for $92.66 as deposit #10 to confirm sales order #50.
Deposit to Bank chequing
Sales Summary for Café cash sales (to one-time Customers)
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12 |
CF03 Guatemalan 1lb |
$ 15 ea |
$ 180.00 |
|
6 |
CF05 Kenyan 1lb |
18 ea |
108.00 |
|
5 |
CF07 Blue Mountain 1lb |
20ea |
100.00 |
|
5 |
CF09 Sumatra |
17ea |
85.00 |
|
12 |
TE05 Black |
9ea |
108.00 |
|
6 |
TE07 Chai |
7ea |
42.00 |
|
4 |
MC02 Travel Mugs |
12ea |
48.00 |
|
3 |
MC03 Coffee Press |
16ea |
48.00 |
|
4 |
GS01 Cocoa Lovers |
39.50ea |
158.00 |
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Café customers sales and services |
|
2, 105.00 |
|
|
HST |
13% |
387.66 |
Invoice total paid by cash $3,369.66
Deposit to Bank chequing
From B. Beane: Adjust inventory records for glass teapot item MT01 and ceramic cups item MT02, one teapot and two cups were dropped and broken.
Using the table below, create the pay cheques 705-708 for pay period ending February 14, 2019, using the following information.
|
Employee |
Chq # |
Hourly rate |
Regular hours |
Overtime hours |
Sick days |
|
Joe Cappa |
705 |
$20.00/hr |
80 |
6 |
- |
|
Bloom Moka |
706 |
$18.00/hr |
80 |
3 |
- |
|
Coco Lait |
707 |
$16.00/hr |
40 |
4 |
- |
|
Vienna Frappe |
708 |
$18.00/hr |
80 |
- |
|
From Lockhart, Gardner & Bond, cheque # 2410 for $127.35in payment of account includes discount for early payment. Reference invoice # 584 Deposit to Bank chequing
SD26: Payment Cheque #709 Dated Feb. 15/19 To Essex Food Supplies, $940.50 in payment of account, including early payment discount. Reference invoice #EF-720.
SD27: Cash Purchase Invoice # BC-21813 Dated Feb 18/19 From Bell Canada, $225 plus HST, for monthly telephone and internet services. Invoice total $254.25 paid in full by cheque #710
From Coffee Cooperatives
|
20 |
CF01 Rainforest Blend 1lb |
$ 150.00 |
||
|
20 |
CF02 Rainforest Blend 5lb |
563.00 |
||
|
20 |
CF03 Guatemalan 1lb |
188.00 |
||
|
20 |
CF04 Guatemalan 5lb |
625.00 |
||
|
20 |
CF07 Blue Mountain 1lb |
250.00 |
||
|
20 |
CF08 Blue Mountain 5lb |
813.00 |
||
|
10 |
CO01 Cocoa Powder 1lb |
62.50 |
||
|
|
HST @ 13% |
344.70 |
|
|
|
|
Invoice Total |
$ 2996.20 |
|
|
|
SD29: |
Terms: 2/10, n/30
Payment Cheque #711 |
|
Dated Feb. 18/19 |
|
To Ambassador Cleaning Services $363.58, in payment of account, includes early payment discount. Reference invoice #AB-1376
SD30: Purchase Invoice # EF-815 Dated Feb. 19/19 From Essex Food Supplies, $950 for weekly order of pastries, breads, condiments and other foods. Terms 1/10, n/30
Sales Summary for Café credit card sales (to one-time Customers)
|
12 |
CF02 Rainforest 5lb |
$ 53ea |
$ 636.00 |
|
8 |
CF04 Guatemalan 5lb |
50ea |
400.00 |
|
9 |
CF08 Blue Mountain 5lb |
67ea |
603.00 |
|
10 |
TE02 Herbal |
20ea |
200.00 |
|
7 |
TE04 Green |
18ea |
126.00 |
|
10 |
TE06 Black |
25ea |
250.00 |
|
7 |
TE08 Chai |
16ea |
112.00 |
|
|
Café customers sales and services |
|
2,700.00 |
|
|
HST |
13% |
653.51 |
Invoice total paid by credit cards $5680.51
From River City Gift Company, to fill purchase order#103
|
24 |
MT02 Ceramic Cups 8oz |
$ 106.00 |
|
36 |
MC01 Higher Grounds Coffee Mugs |
203.40 |
|
48 |
MC02 Ceramic Travel Mug |
360.00 |
|
12 |
MC03 French Coffee Press 4 cup |
120.00 |
|
10 |
MC04 French Coffee Press 8 cup |
125.00 |
|
|
HST 13% |
118.87 |
Invoice total $1,033.27
Terms: 1/10, n/30
To River city gift company because 4 cups are damaged
|
-4 |
MC02 Ceramic Travel mug |
-$30.00 |
|
|
HST 13% |
- $3.90 |
|
|
TOTAL CREDIT |
-$33.90 |
SD34: Credit Card Purchase Invoice #MPC-5179 Dated Feb.21/19 From Merchant Paper Company $325 plus HST for paper and packaging materials to be used in the cafe. Invoice total $367.25 paid in full by credit card.
From the credit card company; $181.00 for purchases made before Feb. 15 and
$35 annual card fee. Issued cheque # 712 for $216.00
Issue cheque to B. Beane, for personal use, $5,000 cheque #713.
SD37: Bank Debit Memo # 10032 Dated Feb. 28/19 From River City Trust Co. pre-authorized withdrawals for mortgage and loan payments.
|
|
Mortgage payment ($2,000 interest and $1200 principal) Loan payment |
$3,200
1,160 |
|
|
($180 interest and $ 980 principal) |
|
|
|
|
SD38: |
Memo #5 |
|
Dated Feb 28/19 |
From B. Beane: Prepare for month end by completing adjusting entries for prepaid expenses and supplies used.
Prepaid Insurance $350 Office Supplies 68
Paper & Packaging Supplies 275
Prepaid Advertising 300
From B. Beane: Transfer $10,000 from the Credit Card account to the Chequing Bank Account.
From B. Beane: Adjust for the Food and Beverage Inventory used. Beverage Inventory used $1500
Food Inventory used 2300
From B. Beane: Record Monthly Depreciation Amounts Computers $ 70
Café Equipment 333
Furniture & Fixtures 365
Vehicle 425
Café Premises 2200
