Filled out and explained please

Miller-Nobles (12e) - Using Excel Ch12 v3 cription: (12e) - Using Excel Ch12 v3 rform: Instructions Download and open the excel spreadsheet, Miller-Nobles_12e-Using ExcelCh12_Start.xlsx This spreadsheet includes 2 tabs, you will enter all answers on the second tab, ENTERANSWERS. (All answers should be entered in the blue highlighted cells.) Green, White and Cedar are partners in the GWC Services consulting practice. The partnership agreement states any income or loss is to be distributed in the following order 1. Services contributed by the partners, compensated by salaries 2. Interest on the capital balance -6%3. Remaining net income is to be divided 3.2:1 to Green, White and Cedar. Assume that during the year ended 12/31/18, the partnership earned net income of $320,000. Distribute the net income among the three partners in accordance with the partnership agreement. Dollar amounts should be in whole dollars. Use dollar signs and double underlines where appropriate. (19 pts) (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab, you will be marked wrong.) Now assume the net income was $100,000 for the year. Distribute the net income among the three partners in accordance with the partnership agreement. Dollar amounts should be in whole dollars. Use dollar signs and double underlines where appropriate. (19 pts) (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab, you will be marked wrong.) Once completed, save the project to the desktop. File name can be anything, but DO NOT include spaces. Return to auto-graded excel activity window, and progress to Step 3. Follow on screen instructions. (To review score, navigate to Results in the MyLab and click on Review link.) Total Points fc D E F G H 1 K L M N A B C Partnerships Using Excel for partnerships Green, White and Cedar are partners in the GWC Services consulting practice. The partnership agreement states any income or loss is to be distributed in the following 1. Services contributed by the partners, compensated by salaries. 2. Interest on the capital balance - 6% 7 3. Remaining net income is to be divided 3:2:1 to Green, White and Cedar. 8 Salaries and capital balance information: 9 10 Green White Cedar 11 Salaries $ 60,000 $ 30,000 $ 45,000 12 Capital balance 120,000 150,000 200,000 13 Use the blue shaded areas on the ENTER-ANSWERS tab for inputs. 14 Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab, you will be marked amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted. For with a $0 balance, 15 "O" in the appropriate cell. 16 17 Requirements 18 1 Assume that during the year ended 12/31/18, the partnership earned net income of $320,000. Distribute the net income among the three partners 19 in accordance with the partnership agreement. Dollar amounts should be in whole dollars. Use dollar signs and double underlines where appropriate 20 2 Now assume the net income was $100,000 for the year. Distribute the net income among the three partners in accordance with the partnership agreement. 21 Dollar amounts should be in whole dollars. Use dollar signs and double underlines where appropriate. 22 B C D E DATA Green White Cedar Total Salaries $ 60,000 $ 30,000 $ 45,000 $ 135,000 Capital balance 120,000 150,000 200,000 470,000 Net Income, Requirement 1 320,000 Net Income, Requirement 2 100,000 Interest on Capital balance 6% Remainder of Net income (loss) 3 1 **All cell references and formulas/functions should use values from DATA table; do not reference Instructions tab Requirement 1 Distribute net income of $320,000. Dollar amounts should be in whole dollars. Use dollar signs and double underlines where appropriate. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructio 6 GWC Services Schedule of Distribution of Income Year Ended December 31, 2018 Green White Cedar Total Net income Salary allowances: Capital allocation: Net income (loss) remaining for allocation 4 Remainder Net income (loss) remaining for allocation Net income (loss) allocated to each partner Instructions ENTERANSWERS Home Insert Draw Page Layout Formulas Data Review View Help ECTED VIEW Be careful--files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. F B D E Remainder Net income (loss) remaining for allocation Net income (loss) allocated to each partner Requirement 2 Distribute net income of $100,000. Dollar amounts should be in whole dollars. Use dollar signs and double underlines where appropriate. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction GWC Services Schedule of Distribution of Income Year Ended December 31, 2018 Green Total White Cedar Net income Salary allowances: Capital allocation: Net loss remaining for allocation 1 2 Remainder Net income (loss) remaining for allocation 3 4 Net income (loss) allocated to each partner 56 57 58 Instructions ENTERANSWERS Ready O i Type here to search