QuickBooks Assignment: Financial Reports and Analysis

This document presents a complete solution to a QuickBooks assignment, addressing various financial reporting requirements. The solution includes detailed reports such as the GST/HST return, deposit details, cheque details, and reconciliation summaries for Curly's Cabinets. It also covers the trial balance report for Darya's Dance Studio, the employee earnings summary report, payroll liabilities balance report, PD7A Summary Report, and the inventory valuation summary report, pending builds, and pending sales reports. The assignment demonstrates proficiency in generating financial statements, analyzing payroll data, and managing inventory using QuickBooks.

Running head: QUICK BOOKS
Quick Books
Name of the Student:
Name of the University:
Authors Note:

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Contents
Chapter 8:.........................................................................................................................................2
Answer 1:.....................................................................................................................................2
Answer 2:.....................................................................................................................................3
Answer 3:.....................................................................................................................................4
Answer 4:.....................................................................................................................................4
Answer 5:.....................................................................................................................................5
Answer 6:.....................................................................................................................................6
Chapter 9 & 10:...............................................................................................................................7
Answer 1:.....................................................................................................................................7
Answer 2:.....................................................................................................................................9
Answer 3:...................................................................................................................................11
Chapter 11:.....................................................................................................................................13
Answer 1:...................................................................................................................................13
Answer 2:...................................................................................................................................14
Answer 3:...................................................................................................................................16
References:....................................................................................................................................19

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Chapter 8:
Answer 1:
GST/ HST return report of Curly's
Reporting period is from August 1, 2019 to October 31, 2019
Line Particulars Amount
101 Sales and other revenue 107,026.34
103 GST/ HST collected / collectable 5,515.20
104 Adjustments -
105 Total GST / HST 5,515.20
106 Input tax credit 961.09
107 Adjustments -
108 Total input tax credit and adjustments 961.09
109 Net tax 4,554.11
110 Payments of instalments by the filer -
111 Rebates -
112 Total other credits -

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113A Balance 4,554.11
205 GST/HST due on acquisition -
405 Other self-assessed GST/ HST -
113B Other debits total -
113C Balance 4,554.11
Answer 2:
Deposit details are provided in the table below:
Date Particulars Amount ($)
October 01, 2019 Cash received from cash sales 230.00
October 01, 2019 Cheque received from Doze
and deposited
3,000.00
October 01, 2019 Cheque received from Flatte
and deposited
2,000.00
October 01, 2019 Cheque received from Frame
and deposited
1,000.00
Total 6,230.00

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Less: Withdrawn by owner
for personal use
200.00
Net deposit amount 6,030.00
Answer 3:
The cheque detailed report of Curly’s during the period from October 01, 2019 to October 31,
2019 is given below.
Date Account Amount ($)
31/10/2019 Bank charges 35.00
31/10/2019 Credit card fees 440.50
01/10/2019 Visa payables 451.00
Answer 4:
The missing cheque report is attached below:
Date Name Amount ($)
01/10/2019 451.00
04/10/2019 2918.00
13/10/2019 4290.00

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15/10/2019 309.80
15/10/2019 39.68
20/10/2019 1489.80
23/10/2019 796.80
24/10/2019 135.80
30/10/2019 1364.00
31/10/2019 4554.18
31/10/2019 1060.25
Answer 5:
Previous reconciliation summary report as on October 31, 2019
Particulars Amount ($) Amount ($) Amount ($)
Balance at the
beginning
23,540.00
Transactions cleared (11,764.04)
Deposits and credits 23,855.60
Cleared balance 35,631.56

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Transactions not cleared
Payment cheques (5,614.36)
Balance register as on
31/10/2019
30,017.20
Ending balance 30,017.20
Answer 6:
Previous reconciliation summary report as on October 31, 2019
Particulars Amount ($) Amount ($) Amount ($)
Balance at the
beginning
451.00
Transactions cleared 0.00
Cleared balance 0.00
Transactions not cleared
Payment cheques (451.00)
Balance register as on
31/10/2019
0.00
Ending balance 0.00

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Chapter 9 & 10:
Answer 1:
Trial balance
Account Account
code
Debit ($) Credit
($)
Capital 3,20
0.00
91,715.
00
Revenue from lessons 4,10
0.00
3,800.
00
Sales discount 4,16
0.00
3
0.00
Revenue from interest 4,20
0.00
20
.00
Advertising and promotion 5,02
0.00
2,100
.00
Office and computer supplies
used
5,06
0.00
18
5.00

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Music inventory expenses 5,08
0.00
4
5.00
Depreciation 5,10
0.00
1,000
.00
Maintenance expenses 5,12
0.00
22
0.00
Insurance expenses 5,14
0.00
3,250
.00
Interest expenses 5,16
0.00
42
0.00
Printing and stationery 5,18
0.00
56
0.00
Property tax expense 5,20
0.00
12
0.00
Purchase discount 5,22
0.00
95
.00
Hydro expenses 5,24
0.00
8
5.00
Telephone expenses 5,26 12

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0.00 0.00
Vehicle expenses 5,28
0.00
24
0.00
Assets (Balancing figure) 87,255
.00
Total 95,630
.00
95,630.
00
Note: Drop down facility is provided in the attached excel sheet ("VitalSource Bookshelf Online",
2019).
Answer 2:
Employee earnings summary report
Name Salary Sick
Salar
y
Vacati
on
Hourl
y wage
Overti
me
Sick
hourl
y
Vacati
on
hourly
Commitm
ent
Advan
ce
Nichol
ai,
Digger
- - -
2,74
4.00
294
.00 56.00 -
- 10
0.00

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Serge,
Draper - - -
1,68
0.00
325
.50
1
12.00
1,008
.00
- 20
0.00
Vijay,
Gardne
r
2,48
5.00
1
77.50
88
7.50 - - - -
1,044.00
-
Stone,
Kutter - - -
2,88
0.00
216
.00 -
960
.00
-
-
Mita,
Paynter - - -
2,16
0.00
108
.00 -
720
.00
-
-
Dee,
Zijner
3,19
5.00 -
35
5.00 - - - -
844.00
-
Total 5,68
0.00
1
77.50
1,24
2.50
9,46
4.00
943
.50
1
68.00
2,688
.00
1,888.00 30
0.00
Note: Drop down facility is provided in the attached excel sheet.
Employee Contact List Report
Name SIN Main Phone Address
Nicholai, Digger 931 216 660 [phone] 1049 Paradise Rd. Victoriam, BC.
Serge, Draper 406 629 420 [phone] 299 Vebesee Dr. Victoria, BC
Vijay, Gardner 420 161 420 [phone] 360 Tapolee Avenue, Victoria, BC

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Stone, Kutter 583 444 858 [phone] 456 Marbles Court Victoria, BC.
Mita, Paynter 148 196 835 [phone] 18 Chatsusa Cr. Victoria, BC.
Dee, Zijner 129 632 774 [phone] 56 Wingent Pt. Victoria, BC.
Answer 3:
Part i:
Payroll liabilities balance report
Payroll liabilities Amount ($)
Federeal Income tax 4,828.76
CPP - employee 638.16
CPP - Company 638.16
III- Emplpyee 968.70
III- Company 1,687.41
Net vacation accrued (3,158.00)
CSB Plus 898.60
Medical - Employee 298.50

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RRSP 1,450.00
Medical- Company 298.50
WCB 1,294.73
Payment liabilities 9,843.52
Part ii:
PD7A Summary Report
Particulars Amount ($) Amount ($)
Gross payroll in October, 2019 22,551.50
Number of emplpyees paid in October 2019 6
Remittence for the period
Tax deductions 4,828.76
CPP Contributions in total
CPP - emplpyee 839.16
CPP- Company 839.16
Total CPP contributions 1,678.32

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EI Premium - Employee 968.70
EI Premium - Company 1,557.61
EI Premium in total 2,526.31
Remittance for the period 9,033.39
Chapter 11:
Answer 1:
Pending Builds
Date Num. Item Quantity Memo
25-01-2019 A-03 S101 Gift Sets 3 4
Answer 2:
Part a:
Inventory valuation summary report
Inventor
y code
Inventor
y item
Number
s
Cost Value of
assets
% total
assets
Sales
price
Retail
value
% total
retail
S101 Bracelet 5 295. 1,475. 1.2 690. 2,960. 1.2

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00 00 00 00
S102 Bracelet 6 255.
00
1,530.
00
1.3 610.
90
3,060.
00
1.2
S103 Bracelet 5 312.
50
1,562.
50
1.3 625.
00
3,825.
00
1.3
S104 Bracelet 5 294.
00
1,470.
00
0.8 400.
80
2,000.
00
0.8
S105 Bracelet 4 185.
00
740.
00
0.5 370.
90
1,460.
00
0.6
S106 Bracelet 5 215.
00
1,075.
00
0.9 430.
00
2,150.
00
0.9
Q101 Diamon
d
30 200.
00
6,000.
00
4.9 400.
00
12,000.
00
4.9
Q102 Diamon
d
1 500.
00
500.
00
0.4 1,000.
00
1,000.
00
0.4
Q103 Diamon
d
6 1,250.
00
7,500.
00
6.2 2,500.
00
15,000.
00
6.1
Part b:

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Inventor
y code
Inventory
item
Beignning Numbers Sales Available Order
PO
Ending
quantity
S101 Bracelet 3 5 0 5 0 5
S102 Bracelet 3 6 0 6 0 6
S103 Bracelet 3 5 0 5 0 5
S104 Bracelet 3 5 0 5 0 5
S105 Bracelet 3 4 0 4 0 4
S106 Bracelet 3 5 0 5 0 5
Q101 Diamond 58 30 0 30 9 21
Q102 Diamond 18 1 0 0 10 9
Q103 Diamond 4 6 1 6 1 5
Image is provided below:

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Answer 3:
Part a:
Inventor
y code
Inventor
y item
Qty Amount
($)
% of
sales
Avg.
price
COGS Avg
COGS
Gross
margin
Gross
margin
%
B101 Bracelet 1 59
0.00 0.90
590
.00
295
.00
295
.00
29
5.00
50%
B103 Bracelet 1 62
5.00 1.00
625
.00
312
.50
312
.50
31
2.50
50%
B104 Bracelet 1 40
0.00 0.60
400
.00
200
.00
200
.00
20
0.00
50%
B105 Bracelet 2 74 370 370 185 50%

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0.00 1.10 .00 .00 .00 -
B106 Bracelet 1 43
0.00 0.70
430
.00
215
.00
215
.00
21
5.00
50%
D101 Diamon
d
30 12,000
.00 18.50
400
.00
6,000
.00
200
.00
6,00
0.00
50%
D102 Diamon
d
7 7,000
.00 10.00
1,000
.00
3,500
.00
500
.00
3,50
0.00
50%
D103 Diamon
d
2 5,000
.00 7.70
2,500
.00
2,500
.00
1,250
.00
2,50
0.00
50%
D104 Diamon
d
1 6,900
.00 10.60
6,900
.00
3,450
.00
3,450
.00
3,45
0.00
50%
E101 Earrings 7 98
0.00 1.50
140
.00
490
.00
7
0.00
49
0.00
50%
E102 Earrings 8 64
0.00 1.00
8
0.00
320
.00
4
0.00
32
0.00
50%
E103 Earrings 1 8
0.00 0.10
8
0.00
4
0.00
4
0.00
4
0.00
50%
N101 Necklac
e
3 1,800
.00 2.00
600
.00
900
.00
300
.00
90
0.00
50%
N102 Necklac 1 56 560 280 280 28 50%

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e 0.00 0.80 .00 .00 .00 0.00
Part b:
Pending sales report
Period Type Date Num. Name Mem
o
Account Amount ($)
43,466.
00
Build
Assembly
43,490.
00
A-
03
1480-
Sets
6,000.00

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References:
VitalSource Bookshelf Online. (2019). Retrieved 30 July 2019, from
https://bookshelf.vitalsource.com/#/books/9780134810072/cfi/1!/4/2@100:0.00