Table of Contents

Directory of employees……………………………………………..3

Projects and Workflow……………………………………………..4-6

SWOT Analysis………………………………………………………..6-7

Payroll Dates……………………………………………………………7

Salary determination rules………………………………………..8

Tax payment submittal dates…………………………………….8

Bill payment dates…………………………………………………...8

Monthly financial update presentations……………………..9

W4s………………………………………………………………………..9

Tax rate schedule…………………………………………………….10

Inventory plan………………………………………………………...10

Inventory pricing……………………………………………………..11

Closing Statement…………………………………………………...11
Directory of Employees
Gabi Croll (CFO)-​ Gabi Croll is on the varsity volleyball team at
Waubonsie, plays club volleyball outside of school, and is also a Link
Leader who inspires and teaches freshman. She is quite experienced in
accounting as she has taken Accounting 1 and Honors Accounting and
holds the CFO position in Shoe Guru. Ms. Hysch and other friends
motivated her to take VEI this year and she is excited to get the experience
of working in a business-like environment and get a feel for a job after
high school.

Imagine Vargas (Accounting Executive)- ​Imagine Vargas has class

experience from business orientation, advertising, accounting, and honors
accounting. She was employed at Dunkin Donuts and has been there for 8
months with responsibilities of taking customer orders, closing, and counting
cash. Currently, she is employed at Meatheads. Imagine’s motivation to take VEI
came from her ambitions into becoming an accountant and working for Google in
the future. This year, Imagine looks forward to meeting new people and is excited
to work with everyone. Most importantly, she is driven to be a part of the
accounting department.

Sidart Selvathurai (Accounting Executive)- ​Sidart is

involved in many activities at Waubonsie Valley High School. He took an
accounting class in order to be prepared to take VEI. Over the summer he
worked a desk job at Fox River Dental because he wants to go into dentistry
when he gets older. Sidart is active in the school community due to being
apart of Key Club, BPA, and SkillsUSA. In Accounting, Sidart learned that
Assets=Liabilities+Owners Equity. Sidart learned about VEI from a friend
who spoke very highly of the class, his friend told him the class was
extremely similar to a real business. Sidart is most excited to gain real life
experience on how to run a business, as well as go on the Tennessee Trip.

Vincent Rullo (Accounting Executive)- ​Vincent is a very experienced

business student at WVHS. He has taken business orientation, Advertising,
Marketing, Accounting, and is taking Honors Accounting 2, Finance, and
Business Management this year. He currently works at the Bark Bus Depot dog
daycare in Naperville. He plays varsity baseball here at Waubonsie. He is also
the coach and a player on his recreational YMCA basketball team. He's learned
to establish payroll in accounting junior year. He's a family man as well, and
learned about VEI from his brother. He's excited to get real world business
experience in VEI.
Projects and Workflow
These tasks and assignments are found on the VEI hub and will be completed along with
other projects that emerge in Shoe Guru.

Accounting Tasks:
Task 1 Establish an Accounting System

Task 2 Set Up Your Business in Quickbooks

Task 3 Prepare a 10/31 Balance Sheet in

Quickbooks

Task 4 Record Sales Using Sales Invoice

Function in QuickBooks

Task 5 Record Payment Transactions to Vendors

on QuickBooks

Task 6 Record Payroll Transactions on

QuickBooks

Task 7 Reconcile Cash Balance in Bank Account

to QuickBooks

Task 8 Update Accounts Payable Records

Task 9 Establish Payroll Procedures

Task 10 Complete Payroll Register & Process

Appropriate Payments

Task 12 Reconcile Cash Balance in Bank Account

with the Entered Transactions

Task 13 Establish or Update Inventory Records

Task 14 Create an Asset Log for Company Assets

Task 15 Review and Revise Accounting

Procedures

Task 16 Prepare W2 and W3 Forms

Task 17 Recording Stock Transactions on Balance

Sheet
Finance Tasks:
Task 1 Introduction to the U.S. Network Bank

Task 2 Create a Detailed Budget to Determine

the Financial Needs of the Business

Task 3 Identify Sources of Debt and Equity

Financing

Task 4 Apply for a Small Business Loan

Task 5 Identify and Pitch Angel Investors for

Equity Financing

Task 6 Establish Out-of-Network Sales Contract

Task 7 Create a Company Balance Sheet

Task 8 Prepare a Break-Even Analysis

Task 9 Prepare Monthly Sales Projections for the

Business

Task 10 Prepare a Projected (Pro-Forma) Profit

and Loss Statement

Task 11 Prepare a Projected Monthly Cash Flow

Statement

Task 12 Prepare Financial Statements and

Financial Summary for the Business Plan
and Presentation

Task 13 Review Monthly Sales Reports and

Analyze Variances

Task 14 Review Monthly Expense Budget and

Analyze Variances

Task 15 Update Projects Based on Variance

Analysis

Task 16 Determine Corporate Debt and Make

Loan Payments

Task 17 Prepare and Submit the Monthly Sales

Tax Form
Task 18 Prepare and Submit the 941 Payroll Tax
Withholding Form

Task 19 Prepare End-of-Year Financial Statement

for the Annual Report

Task 20 Create Summary of Financial Highlights

for the Annual Report

Task 21 Complete the Corporate Tax Return

Task 22 Prepare for Transition

SWOT Analysis
Strengths​: ​In our accounting
department, every employee has
completed at least one year of
accounting. We have experience with
receiving and paying money,
journalizing, and posting the
transactions. We all enjoy accounting,
which will make the work go by faster.

Weaknesses​: ​One of the main

weaknesses are that the four of us accountants are not familiar with quickbooks, so we
will have to explore the site and learn along the way. Another weakness is the lack of
experience with writing a business plan.

Opportunities:​ ​The accounting department will have the opportunity to utilize the
entirety of quickbooks in order to complete all the tasks we are responsible for on one
neutral site. We have a strong group of individuals that are looking to work beyond the
necessary requirements of our jobs, and analyze financial situations for the betterment
of the company.
Threats: ​With accounting being extremely detail oriented, a potential threat is little
errors that can be made in transposition or math. It will negatively affect the company
as a whole if the numbers are incorrect. Another threat that could be seen is Shoe Guru
not generating enough profit to have a lot of money left over after payroll and taxes.

Payroll Dates
We will follow a biweekly payroll schedule with the following pay dates:
➔ November 15
➔ November 30
➔ December 15
➔ December 31
➔ January 15
➔ January 31
➔ February 15
➔ February 31
➔ March 15
➔ March 31
➔ April 15
➔ April 30
The payroll register will be completed on Google Sheets.

Along with each salary being distributed, the appropriate Medicare, Social Security, Federal
Income, FUTA, and SUTA taxes will be taken out of each paycheck and the match taxes will be
filed by Shoe Guru. The gross salary and 401k amounts will be totaled and tracked each month.
Salary Determination Rules
We have determined the appropriate salary for each position based on research and
referencing the salaries from Headlinerz as a reference. Each salary will be calculated
for each pay period and additional bonuses and taxes will be added and taken out,
respectively.
Accounting Executive - $20,000
Marketing Executive - $18,000
HR Executive - $16,000
Creative Services Executive - $18,000
Chief Financial Officer - $26,000
Chief Marketing Officer - $24,000
Chief Administrative Officer - $20,000
Chief Design Officer - $22,000
Chief Executive Officer - $32,000

Tax Payment Submittal Dates

Each required tax will be submitted and paid by the end of each month, being recorded
in the appropriate journal.
Oct 31
Nov 30
Dec 31
January 31
February 31
March 31
April 30
May 31

Bill Payment Dates

Utilities, rent, insurance, and other expense payments will be paid on the 10th of each month.
- Great Lakes Water Company ($2 per person, per month), gas ($10 per person, per
month), electric ($10 per person, per month), telecom ($80 per month for high speed
internet service, telephone and cable bundle), charities, business insurance, Loan and
trust, 401(k), corporate rentals, workers’ comp (2% of total wages, per month), health,
shipping, supplies, advertising, transportation, realty, grocery, personal rentals, auto
dealership, personal utilities
- VE state sales tax (7%)
Monthly Financial Update
Presentations
The accounting department will meet informally every day to discuss the tasks to be completed
during the class period. Monthly financial update presentations will occur approximately seven
business days before the end of the month to divide tasks for the end of the month and check in
on progress. Each member of the department will be required to provide and share out their
current work to the department as well as share what they have left to complete before the end
of the month. Any specific questions from department members will be asked during these
meetings, and we will also set goals for the next month and decide what is to be completed next.

W4 for employees
Vincent delivered a presentation to the class on the proper way to fill out a W4. He directed each
of the employees to put their school ID number in box two to avoid having them put their real
social security number. Everyone is single with one allowance. The start date of employment for
everyone at Shoe Guru was October 3rd, 2019.

This is an example of the W-4 completed by each employee.

Tax Rate Schedule

Inventory Plan (Coordinated with

Marketing Departments)
Purchases of new shoe shipments will be made in bulk on the first of each month. On the 14th of
each month, inventory will be evaluated and marketing and accounting will decide to make more
purchases as needed based on the rate of sales for each model. On the 15th of each month, new
designs corresponding to the holiday and time of year will be added in addition to our current
models. Our first purchase of merchandise will include 100 pairs of Air Force 1 Low Tops and 75
pairs of Air Force 1 High Tops.
Inventory Pricing
Air Force 1 Low Top (White)
Purchased at $35 per pair
Markup to $284.99 -- $249.99 profit

Air Force 1 High Top (White)

Purchased at $19 per pair
Markup $304.99 -- $285.99 profit

Closing Statement
Here in the accounting department at Shoe Guru, we will work to provide the most accurate and
timely information in order to help lead the firm to success. We will collaborate within the
department as well as with other departments to share ideas and create the resources needed to
help the business run as smoothly as possible.