Accounting 2100 Fall 2014Comprehensive Final Project

The comprehensive final project will involve a variety of tasks typically performed in a small business. Assume you are completing work during the month of November 2014. Refer to the text book or help menus for any tasks that seem unfamiliar. For any items that are missing use your judgment and knowledge of accounting to make decisions and set up data.
Assume you bought a restaurant called Bayou Fine Dining, Inc. This is an S-corp located in St Bernard Parish with one employee.
Preliminary Work-
1. Create the following inventory items, Steak, sale price $10, purchase price $3, reorder point 20. Potato, sale price $2, purchase price $1 reorder point 20. Coca Cola, sale price $1 purchase price $0.50 reorder point 30
2.Ocotber 31, 2014 you take a physical inventory of your shop and find the following items are all the remains: 2 Steaks, 4 potato, and 15 Coca Cola. Make your adjustment as of Oct 31.
3.Balance on your MasterCard, Acct # 2050- is $174.00. Adjust if needed
4.Sales Tax Payable at October 31 needs to be $900 total. This consists of $500 due to St Bernard Parish and $400 due to Louisiana.
5.Create a new checking account, 1010 at St Bernard Bank & Trust. Record a deposit of $35,000 into the account and code to Loan from Owner. Transaction takes place October 31
6. Activate the payroll features in the program and set up your one employee, Raymond Nagin who just moved back to the area and is single with no exemptions. You will pay him $10 per hour.

Transactions-

1. November 1, 2014 order the following items from Joe's Wholesale and charge to your MasterCard (2050) 45 steaks. 55 potatoes, 130 Coca Colas.. Assume the bill came in with the goods and you need to enter in your system
2. November 3, 2014 you purchase from Joe's, some items on account. Terms are 5/10 net 30. The bill is received with the merchandise and shows you received 50 steaks, 60 potatoes and 40 Coca Colas.
3. November 4, 2014 you have a lunch meeting at El Patron. The meal costs $28.50 and you paid with your debit card the is linked to your checking account #1010
4. November 4, 2014 You received an invoice from Johnny's Lawn care for service performed in September for $150. Term net due 10 days
5. November 5, 2014 Your accountant stopped by and delivered some tax forms to be filed. The bill for this work was $425 and you paid with check #1011
6. November 6, 2014 a dinner party comes in for a meal. They ordered 6 steaks, 8 potatoes, and 12 coca colas. Prepare his sales receipt, with sales tax, and record the money deposited to your cash drawer (undeposited funds)
7. November 7, 2014 David Peralta and a female guest come and order a meal of 2 steaks, 4 potatoes and 2 coca cola. Upon finishing their meal Dave requests you bring him 2 Blue Moon beers. You inform him your restaurant doesn’t serve beer but he persistently asks and offers you $6 per beer if you can find a way to fulfill his request. You noticed earlier in the day that the convenience store next door sells Blue Moon for $7.99 per six pack. You send someone over to make the purchase and add these to the bill.
8. November 7, 2014 Tommy Warner, a member of your chamber of commerce, (use 10% discount) comes to the shop and orders 4 steaks and a coca cola. He pays with a check.
9. November 8 2014, pay the outstanding sales tax liability from prior months. Be careful not to include amounts incurred from November sales. Extra credit if you correctly calculate the penalty and interest due. The original sales were completed in September.
10. November 15, 2014 make your monthly payment ($360.68) on your loan from St Bernard Bank & Trust that is due. Break out principal and interest. For this class use $25.28 as the interest portion of this payment. Note that you just discovered this liability needs to be setup. Beginning Principal $14,000 and this amount was deposited in your main checking account on November 1.
11. November 16, 2014 Pay yourself back $2500 from the $35,000 you lent to the company in the preliminary work. Assume this is an interest free loan.
12. November 22, 2014Tommy Warner comes back and informs one of the steaks he ordered earlier gave him ebola. He doesn't want the money back but would like a credit on his account for next time he makes a purchase.
13. November 23, 2014 You inform Joe’s of the problem with one of the steaks and they issue you a credit.
14. November 24 you pay the Entergy bill of $226 with check 1012
15. November 8, 2014- deposit all checks and cash from your drawer to your checking account 1010.
16. November 26, 2014 you sponsor a party at Daiquiris Paradise. The bill for drinks and food comes to $215 and you charge it to your MasterCard
Payroll

Month End Close
Normally a bank reconciliation is the first step but we will forego that move into the next part of our closing process.
December 3, 2014 pay any outstanding bills and sales taxes that are due

Answer the following questions about your business

Prepare a profit and loss statement and tell how much profit you made in November
How much money remains in the checking account as of November 30, 2014?
What is your gross profit margin for November?

Bonus

What is the dollar value of your inventory remaining at November 30?