**This assignment must be completed in Quick Books and EXPORT ONLY WHAT IS ASKED to EXCEL when it tells you to do so**QuickBooks 2015 Comprehensive Exam 2Part ISet up a new company in QuickBooks using the following information.On January 1, 2021, you establish a retail store that specializes in flower arrangements and floral services.Company NameCatheryn Norvell Comp Exam 2Legal NameCatheryn Norvell Comp Exam 2Federal Tax ID12-1234567Address222 Main StCity StateSanderson, CAPhone415-258-1356Zip94355IndustryRetail Shop or Online CommerceCompany TypeS CorporationWhat do you sell?Both products and servicesEstimatesYesBilling StatementsYesProgressive InvoicingYesTrack TimeAlso Track SalesOrders/Inventory/BillsYesFiscal year startsJanuary 1, 2021Checking AccountCatheryn Norvell Comp Exam 2 CheckingSetup Customers and vendors using the following information.Vendor Name/ Company NameFlowersbywebAddress19 Web LaneBayshore, CA 94326ContactHermanTelephone415-555-4567TermsNet 30Vendor Name/ Company NameBaskets GaloreAddress444 Weavers AvenueBayshore, CA 94326ContactHopeTelephone415-555-8901TermsNet 30Vendor Name/ Company NameEZ RentalAddress14 Appleton Blvd.Bayshore, CA 94326ContactRobertTelephone415-555-4590TermsNet 30Customer Name/ Company NameSt Luke’s ChurchAddress330 Third StBayshore, CA 94326Telephone415-555-1234TermsNet 30TaxNonCustomer Name/ Company NameMISSY BENSONAddress923 Maple LaneBayshore, CA 94326Telephone415-555-4321TermsNet 30TaxTaxCustomer Name/ Company NameEllen JohnsonAddress9012 Olive BlvdBayshore, CA 94326Telephone415-555-0987TermsNet 30TaxTaxAdd the following information to the Item List. All are taxable.Item TypeInventory PartItem Name/DescriptionBasic Floral KitIncome AccountMerchandise SalesQuantity on Hand0Cost$20Sale$50Item TypeInventory PartItem Name/DescriptionDeluxe Floral KitIncome AccountMerchandise SalesQuantity on Hand0Cost$28Sale$65Item TypeInventory PartItem Name/DescriptionRoses (per dozen)Income AccountMerchandise SalesQuantity on Hand0Cost$10Sale$35Item TypeServiceItem Name/DescriptionFloral DesignIncome Account48600 – Service Sales (add acct if necessary)Item TypeServiceItem Name/DescriptionWedding DesignsSubitem ofFloral DesignsIncome Account48600 – Service SalesRate$25TaxTaxItem TypeServiceItem Name/DescriptionFuneral DesignsSubitem ofFloral DesignsIncome Account48600 -Service SalesRate$20TaxTaxState tax rate is 7.75%. The tax agency is California State Board of EqualizationAfter displaying account numbers, modify or add the following accounts, including the appropriate tax line, to the chart of accounts for the new QuickBooks company.10100Catheryn Norvell Comp Exam 2 CheckingTax line: B/S Assets: CashOpening balance: $0As of 1/1/202114400Industrial RefrigeratorB/S-Assets: Buildings/oth. depr. Assets14500Industrial Refrigerator Cost(Subaccount of Industrial Refrigerator)B/S-Assets: Buildings/oth. depr. AssetsOpening balance: $5,000 as of1/01/202114600Acc Depr-Industrial Refrigerator(Subaccount of Industrial Refrigerator)B/S-Assets: Buildings/oth. depr. AssetsOpening balance:$ 0 as of1/01/2021You decide to hire someone (Beth Kochan) to help run the store. Configure QuickBooks for the processing of payroll manually.Enter payroll information for Beth KochanCompensation typeHourlyYour company does not provideInsurance benefitsRetirement benefitsPaid time offEmployeeBeth KochanAddress555 Wayside DrBayshore, CA 94326SSN 987-65-4321Telephone415-555-5827Hired Date1/2/2021Pay PeriodBi-monthly (on 15th and 31st)Hourly rate$10.00State taxCA –California (only)Federal and State Filing StatusSingleFederal and State Allowance1Wage Plan CodeS (State Plan for Both UI and DI)CA Disability Employee Rate1.0%CA-EmploymentTraining Tax0.1%CA Unemployment1.5%Form 940 and Form 941 payment scheduleQuarterlyCA withholding and disability insurance payment schedule/CA UI and Employment Training TaxPayeeEDDCA EmploymentDevelopment DeptEmployer Acct. No.999-9999-9Payment frequencyQuarterlyHint for problemOnly withhold FIT/FICA/SIT from Beth’s checkQuickBooks 2015 Comprehensive Exam 2Part IIRecord the following transactions in QuickBooks for the new companyReminder: Print your company name on all checks.Assume the following rates for payroll withholdings.Federal income tax10.00%Social security (employee and company)6.20%Medicare (employee and company)1.45%State (CA) income tax5.00%DateTransaction01/01/2021You invest $6,000 (check number 101) in the business.Took out a bank loan for $12,000. This will be repaid within 1 year. (account number 26100 Note Payable-Bank)Received the bill and paid one month’s rental ($250) to EZ Rental.Ordered 10 Basic Floral Kits and 5 Deluxe Floral Kits from Baskets Galore.01/03/2021Received all 10 Basic Floral Kits and all 5 Deluxe Floral Kits ordered on 01/01/2021 from Baskets Galore01/06/2021Ordered 5 dozen roses from Flowersbyweb.01/07/2021Provided an estimate of 12 Wedding Design Arrangements for Missy Benson01/07/2021Received bill from Baskets Galore for 01/01/2021 order.Received order in full from Flowersbyweb and also received invoice.01/9/2021Sold 1 Funeral Design Arrangement to St Luke’s on account.01/10/2021Awarded job from Missy Benson.01/13/2021Sent Missy Benson invoice for completing half of the job.01/13/2021Paid Baskets Galore in full for merchandise ordered on 01/01/2021.Paid Flowersbyweb for goods ordered on 01/06/2021.01/14/2021Received payment from St Luke’s (check no. 350) and deposited the funds.01/15/2021Received payment from Missy Benson for job above (check no. 1015) and deposited funds.Paid Beth for this pay period. For this pay period Beth worked 20 hours.01/20/2021Went to Office Depot for office supplies – wrote $35 check from business account to cover it.01/21/2021Sent Missy Benson invoice for completing the job.01/22/2021Sent reminder statements to outstanding customer accounts.01/28/2021Received payment from Missy Benson for completing job (check no. 1022) and deposited funds.01/30/202101/31/202101/31/2021Sold 1 dozen roses to Ellen Johnson (cash sale).Paid Beth for this pay period: 15 hours.Sold 25 Wedding Designs and 3 dozen Roses to St Luke’s Church for cash and deposited these funds along with all undeposited funds.Comprehensive Exam 2 wPageName:_____________________QuickBooks 2015 Comprehensive Exam 2Part III1. Run the payroll summary report as of 01/31/2021. Export to Excel2. Run the Unadjusted Trial Balance at January 31, 2021.Export to Excel3. Make the following adjusting entry:Industrial Refrigerator depreciation expense is $75 per monthExport the following reports using QuickBooksJournal from January 1, 2021 to January 31, 2021.Adjusted Trial Balance at January 31, 2021Profit and Loss, standard, from January 1, 2021 to January 31, 2021.Balance Sheet, standard, at January 31, 2021.Statement of Cash Flows for January 1, 2021 to January 31, 2021.Customer Balance Detail for January 1, 2021 to January 31, 2021Chart of accountsVendor Balance DetailCreate and convert to Excel a Profit and Loss Budget for 2021 based on the following information.a. January projected merchandise sales: $400b. Monthly expected sales increase: 3% (compounding)c. Monthly rent increase: 1% (compounding, January’s rent $200) Reminder:Save using the filename: Catheryn Norvell Comp Exam 2Submit the following for grading: o An excel workbook labeled with your name with the above reports.