This model will allow the student to practice inputting text and data, simple sum formulas, simple...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
This model will allow the student to practice inputting text and data, simple sum formulas, simple referencing formulas, using the fil-handle, and using various format features. Accounting/Business Context Financial Budget Background: Businesses that don't prepare and manage to a budget run a higher risk of falling to meet their financial obligations as they come due. By managing to a budget, a business can seek to obtain necessary financing in advance or forestall discretionary expenditures until funds are available. Individuals that budget are much more likely to achieve their financial goals and avoid credit problems. How can one follow the wise adage, "Live within your means" when you are unaware of what your "means" and "necessary expenses are? Situation: You are a 21 year old college student living in an apartment local to the college. You are single, fun loving, and serious about your education. You take a full load at college but need to work part-time to help support yourself. Your parents are surprised you made it into college given your performance in high school and have offered you a generous monthly stipend for as long as you are in school 5 > D Priorities: You want to get a college degree, you enjoy living in that particular apartment alone, your job requires that you maintain a car, you are a social person and enjoy dining out with friends, you want to be financially responsible. Requirements: Place your name in Cell A1 of all Printouts 1 Develop Model On the EXAMPLE sheet in this workbook is a completed image of the schedule you are to create. On the BUDGET1 sheet. the model has been started for you. Complete the schedule in the BUDGET1 sheet by mimoring the image on the EXAMPLE Sheet. Use the same columns and rows. Format your schedule so that it looks as close to the Example as possible. Below are formula and technique requirements that you should use in building your model. Save frequently as you build. Complete Structure. Tities and Headings Put Your Name in Cell A1 of the BUDGET1 Sheet Finish inputting the missing income and expense account titles. Widen Column A so that the longest Expense title fits in the column without running over into Column B. Use the Fill Handle to complete the monthly column headings. Use the Spelling icon on the Review Tab in the Proofing Group to detect misspelled words and typos. Fast & Easy: Fast & Easy: Save-A-Tree: Resist the temptation to print the EXAMPLE sheet. Instead copy the object from the Example sheet onto the BUDGET1 sheet. Move it out of the way as you fill in the information. When you are done with Step 1, but before you print, delete the object as you don't need it anymore. N20 55 56 1 52 rows 53 Fast & Easy: 54 57 58 40 =5 6 7 8 9 0 1 2 lo 3 4 5 6 7 0 B 9 D 49 50 Enter Income and Expense Amounts 51 0 Input the Income and Expense amounts and the January Beginning Cash, DO NOT INPUT to the TOTALS columns and 3 10 1 lo 20 3 lo 40 5 lo 3 o A ) ; B 2 lo Use Sum Function 590 Use the AutoSum icon to put -SUMO) formulas for Total Income, Total Expense, and the Annual Total of each Income and Expense category. 60 #1 Fast & Easy: If you highlight the area B6:N10 and click the AutoSum icon all your totals for Income will be created. 52 3 30 X ✓ fx с D E F Manual Formula Reference NET G H I ENDING CASH Input an =SUM formula that sums Net and Beginning Cash. Copy the formula to the remaining months. Notice that many of the Income and Expense amounts are the same from month to month. For most accounts, Input January data and then copy the amounts to Feb through Dec. Note: The following accounts have varying monthly amounts INCOME: Salary, Other EXPENSE: Auto Repair, School, Vacation 3 Verify Check your various totals and make sure they agree to the EXAMPLE sheet Input the formula for NET as Total Income - Total Expense for January. Copy the formula to the remaining months and annual total. BEGINNING CASH You should have an amount in the January beginning cash already. For February reference the Ending Cash cell from January. -833- Copy the formula to the remaining months. K Format Try to format the schedule to be exactly like the Example Globally set the format for the BUDGET1 Sheet to be comma"." and zero decimal places. Set the font size and bolding of the different titles Indent the accounts and subtotals using the Indent loon on the formatting tool bar Underline, bold, and center the column headings Print Print Preview Your Schedule and make sure that it fits on one page landscape. Print Completed Schedule (with Row and Column Headings) Print Formula view of your schedule using the Ctri-. The schedule must be of a size that S can be easily read. Reduce the column widths where appropriate to increase the font size. It is OK if titles in Column A are truncated in this view. 5 5 Fast & Easy: Use the Borders icon to put the proper underscores and double underscores Add $ dollar signs to the rows that start a totaling or are directly under an underscore by highlighting the area and using the $ icon on the format toolbar and then reducing the decimal places. Keep track of how many column widths you reduced. After printing the formula sheet, click the Undo icon an equal number of times to retum your schedule to its previous look. FYI: Because you are printing with the Column and Row Headers turned ON, your indented text will soner.se, 181 NOT indented on the printed The Inetuntor in sware of this leeua and it in Ok LOU impin Budgot1 20 A 10 B Format x✓ fx C D E F G Print Print Preview Your Schedule and make sure that it fits on one page landscape. H Make Sure You Understand the Requirement: Print Completed Schedule 1 Print Completed Schedule (with Row and Column Headings) Print Formula view of your schedule using the Ctri-. The schedule must be of a size that can be easily read. Reduce the column widths where appropriate to increase the font size. It is OK if titles in Column A are truncated in this view. Fast & Easy: Keep track of how many column widths you reduced. After printing the formula sheet, click the Undo loon an equal number of times to retum your schedule to its previous look J FYI: Because you are printing with the Column and Row Headers turned ON, your indented text will appear as if it was NOT Indented on the printout. The Instructor is aware of this issue and it is OK. K 2 What IF It looks like there are going to be some months where you are going to fall short on cash. Increase the January Beginning Cash to the exact amount necessary so that Ending Cash never goes below zero in any month. NO month should have an Ending Cash Balance that is a negative amount AND at least one month should have an Ending Cash Balance that is ZERO. END PROBLEM 3 Critical Thinking Retum the January Beginning Cash Balance in your schedule to the original amount as you have determined that increasing your beginning cash for January is not possible. You called Dad to see if he could increase your monthly stipend, but every time you mentioned needing more money (mysteriously) the cell phone connection would drop. Your study schedule would suffer significantly if you tried to work more hours. It looks like you are going to have to cut expenses. In business we view some expenses as necessary and some expenses as discretionary. Discretionary expenses are those that could be discontinued or postponed without detrimentally impacting the normal operating goals of the business. As individuals we have to prioritize our spending. Some spending is critical to us achieving lifestyle and career goals; this spending has priority in our budget. Other spending may fulfil an immediate desire but has little long-tem impact. Consider the expense categories and identify the three discretionary expenses that you believe could be reduced or eliminated given your priorities described in the Situation section above. Briefly justify why you feel the expense is discretionary. (Do not use Other as one of your discretionary expenses.) Mark your answers in the space provided on the Check-off sheet. Adjust the spending in the discretionary categories you just identified and produce a revised budget that prevents a negative cash balance in any month, but allows as balanced an amount of discretionary spending as possible. Print Revised Budget Schedule L This model will allow the student to practice inputting text and data, simple sum formulas, simple referencing formulas, using the fil-handle, and using various format features. Accounting/Business Context Financial Budget Background: Businesses that don't prepare and manage to a budget run a higher risk of falling to meet their financial obligations as they come due. By managing to a budget, a business can seek to obtain necessary financing in advance or forestall discretionary expenditures until funds are available. Individuals that budget are much more likely to achieve their financial goals and avoid credit problems. How can one follow the wise adage, "Live within your means" when you are unaware of what your "means" and "necessary expenses are? Situation: You are a 21 year old college student living in an apartment local to the college. You are single, fun loving, and serious about your education. You take a full load at college but need to work part-time to help support yourself. Your parents are surprised you made it into college given your performance in high school and have offered you a generous monthly stipend for as long as you are in school 5 > D Priorities: You want to get a college degree, you enjoy living in that particular apartment alone, your job requires that you maintain a car, you are a social person and enjoy dining out with friends, you want to be financially responsible. Requirements: Place your name in Cell A1 of all Printouts 1 Develop Model On the EXAMPLE sheet in this workbook is a completed image of the schedule you are to create. On the BUDGET1 sheet. the model has been started for you. Complete the schedule in the BUDGET1 sheet by mimoring the image on the EXAMPLE Sheet. Use the same columns and rows. Format your schedule so that it looks as close to the Example as possible. Below are formula and technique requirements that you should use in building your model. Save frequently as you build. Complete Structure. Tities and Headings Put Your Name in Cell A1 of the BUDGET1 Sheet Finish inputting the missing income and expense account titles. Widen Column A so that the longest Expense title fits in the column without running over into Column B. Use the Fill Handle to complete the monthly column headings. Use the Spelling icon on the Review Tab in the Proofing Group to detect misspelled words and typos. Fast & Easy: Fast & Easy: Save-A-Tree: Resist the temptation to print the EXAMPLE sheet. Instead copy the object from the Example sheet onto the BUDGET1 sheet. Move it out of the way as you fill in the information. When you are done with Step 1, but before you print, delete the object as you don't need it anymore. N20 55 56 1 52 rows 53 Fast & Easy: 54 57 58 40 =5 6 7 8 9 0 1 2 lo 3 4 5 6 7 0 B 9 D 49 50 Enter Income and Expense Amounts 51 0 Input the Income and Expense amounts and the January Beginning Cash, DO NOT INPUT to the TOTALS columns and 3 10 1 lo 20 3 lo 40 5 lo 3 o A ) ; B 2 lo Use Sum Function 590 Use the AutoSum icon to put -SUMO) formulas for Total Income, Total Expense, and the Annual Total of each Income and Expense category. 60 #1 Fast & Easy: If you highlight the area B6:N10 and click the AutoSum icon all your totals for Income will be created. 52 3 30 X ✓ fx с D E F Manual Formula Reference NET G H I ENDING CASH Input an =SUM formula that sums Net and Beginning Cash. Copy the formula to the remaining months. Notice that many of the Income and Expense amounts are the same from month to month. For most accounts, Input January data and then copy the amounts to Feb through Dec. Note: The following accounts have varying monthly amounts INCOME: Salary, Other EXPENSE: Auto Repair, School, Vacation 3 Verify Check your various totals and make sure they agree to the EXAMPLE sheet Input the formula for NET as Total Income - Total Expense for January. Copy the formula to the remaining months and annual total. BEGINNING CASH You should have an amount in the January beginning cash already. For February reference the Ending Cash cell from January. -833- Copy the formula to the remaining months. K Format Try to format the schedule to be exactly like the Example Globally set the format for the BUDGET1 Sheet to be comma"." and zero decimal places. Set the font size and bolding of the different titles Indent the accounts and subtotals using the Indent loon on the formatting tool bar Underline, bold, and center the column headings Print Print Preview Your Schedule and make sure that it fits on one page landscape. Print Completed Schedule (with Row and Column Headings) Print Formula view of your schedule using the Ctri-. The schedule must be of a size that S can be easily read. Reduce the column widths where appropriate to increase the font size. It is OK if titles in Column A are truncated in this view. 5 5 Fast & Easy: Use the Borders icon to put the proper underscores and double underscores Add $ dollar signs to the rows that start a totaling or are directly under an underscore by highlighting the area and using the $ icon on the format toolbar and then reducing the decimal places. Keep track of how many column widths you reduced. After printing the formula sheet, click the Undo icon an equal number of times to retum your schedule to its previous look. FYI: Because you are printing with the Column and Row Headers turned ON, your indented text will soner.se, 181 NOT indented on the printed The Inetuntor in sware of this leeua and it in Ok LOU impin Budgot1 20 A 10 B Format x✓ fx C D E F G Print Print Preview Your Schedule and make sure that it fits on one page landscape. H Make Sure You Understand the Requirement: Print Completed Schedule 1 Print Completed Schedule (with Row and Column Headings) Print Formula view of your schedule using the Ctri-. The schedule must be of a size that can be easily read. Reduce the column widths where appropriate to increase the font size. It is OK if titles in Column A are truncated in this view. Fast & Easy: Keep track of how many column widths you reduced. After printing the formula sheet, click the Undo loon an equal number of times to retum your schedule to its previous look J FYI: Because you are printing with the Column and Row Headers turned ON, your indented text will appear as if it was NOT Indented on the printout. The Instructor is aware of this issue and it is OK. K 2 What IF It looks like there are going to be some months where you are going to fall short on cash. Increase the January Beginning Cash to the exact amount necessary so that Ending Cash never goes below zero in any month. NO month should have an Ending Cash Balance that is a negative amount AND at least one month should have an Ending Cash Balance that is ZERO. END PROBLEM 3 Critical Thinking Retum the January Beginning Cash Balance in your schedule to the original amount as you have determined that increasing your beginning cash for January is not possible. You called Dad to see if he could increase your monthly stipend, but every time you mentioned needing more money (mysteriously) the cell phone connection would drop. Your study schedule would suffer significantly if you tried to work more hours. It looks like you are going to have to cut expenses. In business we view some expenses as necessary and some expenses as discretionary. Discretionary expenses are those that could be discontinued or postponed without detrimentally impacting the normal operating goals of the business. As individuals we have to prioritize our spending. Some spending is critical to us achieving lifestyle and career goals; this spending has priority in our budget. Other spending may fulfil an immediate desire but has little long-tem impact. Consider the expense categories and identify the three discretionary expenses that you believe could be reduced or eliminated given your priorities described in the Situation section above. Briefly justify why you feel the expense is discretionary. (Do not use Other as one of your discretionary expenses.) Mark your answers in the space provided on the Check-off sheet. Adjust the spending in the discretionary categories you just identified and produce a revised budget that prevents a negative cash balance in any month, but allows as balanced an amount of discretionary spending as possible. Print Revised Budget Schedule L
Expert Answer:
Answer rating: 100% (QA)
Find solutions for your homework business accounting accounting questions and answers ha m n p r v spreadsheet accounting 2 e1 personal budget 3 4 7 s purpose this model will allow the student to prac... View the full answer
Related Book For
Statistics for Business Decision Making and Analysis
ISBN: 978-0321890269
2nd edition
Authors: Robert Stine, Dean Foster
Posted Date:
Students also viewed these accounting questions
-
After looking into debt financing through notes, mortgage, and bonds payable, Better Boat Company decides to raise additional capital for a planned business expansion. The company will be able to...
-
Individuals need to evaluate their personal credit positions using the same thought processes used by business people. Some of you might consider the idea of not having a credit card a ridiculous...
-
In financial situations, are businesses or individuals more likely to make use of expected value for making decisions? Explain.
-
Consider a situation wherein an exploration vehicle that has a mass of 250 kilogram on Earth ( gravityEarth = 9.8 m/s ) is sent to the Moon and planet Mars to explore their surfaces. What is the mass...
-
What are the advantages and disadvantages associated with online surveys?
-
Each salesperson at Rembrandt Auto-Mart is assigned an ID number that consists of five characters. The first three characters are numbers. The fourth character is a letter: either the letter N if the...
-
For the following, determine if the given point is a removable singularity, an essential singularity, or a pole (indicate its order). a. \(\frac{1-\cos z}{z^{2}}, \quad z=0\). b. \(\frac{\sin...
-
On June 30, 2009, Mischa Auer Company issued $4,000,000 face value of 13%, 20-year bonds at $4,300,920, a yield of 12%. Auer uses the effective interest method to amortize bond premium or discount....
-
Identify 10 people who may or not be known to you, who will be cold called to provide practice for delivering your cold call script. (Note: close friends or family members are not appropriate). (Note...
-
A 0.40-m 3 insulated pistoncylinder device initially contains 1.3 kg of air at 30C. At this state, the piston is free to move. Now air at 500 kPa and 70C is allowed to enter the cylinder from a...
-
The nature of a rapidly changing environment where new developments take place very rapidly and firms need to react rapidly, is the idea of strategic marketing planning still relevant? Why or why not?
-
Discuss the principles of wind energy resource assessment and optimization in onshore and offshore wind farm development, addressing topics such as wind turbine siting, wake effects, turbulence...
-
Herriott's is the only veterinary clinic in a remote village. The firm's total fixed cost is $500 a day and its marginal cost is zero. The table gives the demand schedule for visits. Price (dollars...
-
What are the key design considerations when implementing a hybrid separation process (e.g., combining membrane separation with distillation) to improve energy efficiency in a chemical manufacturing...
-
DISCUSS WITH EXAMPLES METHODS OF FINANCING A NEW ENTERPRISE AND THE FACTORS TO CONSIDER WHEN FINANCING A BUSINESS.
-
Explain the principles of process safety engineering in the context of chemical process industries, including hazard identification, risk assessment methodologies, and mitigation strategies for...
-
Bauer Manufacturing uses departmental cost driver rates to allocate manufacturing overhead costs to products. Manufacturing overhead costs are allocated on the basis of machine-hours in the Machining...
-
With your classmates, form small teams of skunkworks. Your task is to identify an innovation that you think would benefit your school, college, or university, and to outline an action plan for...
-
Hotels.com asks users to rate hotels that they have visited on a scale from 0 (worst) to 5 (best). Ninety-nine guests gave a hotel at the St. Louis Convention Center a 4.5 out of 5 rating.
-
A cosmetics firm uses two different ship-ping companies. Shipper A is more expensive, but managers believe that fewer shipments get damaged than when shipped the current shipper used by the firm,...
-
1. The explanatory variable defines the x-axis in a scatterplot. 2. In a plot of income (the response) versus education (the explanatory variable) for managers, managers with the lowest levels of...
-
Decentralization and Transfer Pricing The city of Medina Park operates a plumbing and electrical maintenance department, responsible for maintaining all water and electric service functions in...
-
Transfer Pricing The Leviathan Steel Company has a coal-mining subsidiary in West Virginia. A substantial amount of the coal produced by the subsidiary is used by Leviathan's steel foundries located...
-
Sarah Jones, the manager of the Teen Division of Eve Clothing Company, was evaluating the acquisition of a new embroidery machine. The budgeted operating income of the Teen Division was \(\$...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App