Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

how do i do 4-6??? pls help ??? Tom is evaluating his monthly bills to determine the effect of changes he could potentially make to

how do i do 4-6??? pls help ???
image text in transcribed
Tom is evaluating his monthly bills to determine the effect of changes he could potentially make to his monthly expenses to help him pay off his loan from his rich Uncle. Tom works two jobs; his primary full time job is a customer service representative with Hewlett Packard (HP) and works weekends at the local Best Buy. Tom brings home $2,500 from HP and $500 from Best Buy after taxes monthly. The following are Tom's required monthly living expenses. Tom spends approximately $600 on rent, $150 on utilities, $70 on car insurance and $300 on his car payment. Tom's grocery bill averages $200 per month, and he pays approximately $200 in gas. Tom is currently paying his Uncle $200 per month on his original loan of $10,000 which he received when he was attending Austin Peay State University. The balance of the loan from Tom's Uncle is $9,600. Tom is also paying the minimum payment of $50 per month on his credit card with Capital One. Tom spends the remainder of his pay on the following items. Tom enjoys the thrill of online gambling and regularly expends a minimum of $300 per month. Tom also has a thriving social life and spends approximately $400 on going to the movies, eating out with friends, and attending parties. To stay fit Tom has a membership at a gym for $50 where he also pays for personal training sessions for an extra $150 per month. As a reward for staying in shape, Tom goes shopping once a month and spends $100 on frivolous purchases. Finally, to maintain networking connections Tom pays for a membership at a Golf Club in town for $150 per month. Prepare the worksheets described below in the Excel template provided. Only one Excel file should be used to complete this assessment. Worksheet 1 - 1) Rename 'Sheet 1' as "Original Expenses and insert a centered Header with the worksheet name. Hint: The header worksheet name should change as the tab is renamed. 2) In the template the data is organized into two sections, income and expenses. 3) Use the Sum function to total the income and expenses. Use a calculation to determine the Cash Left Over" after Tom pays all of his monthly expenses. 4) Create a column next to the expense values and name it % of Income." Use a calculation within the cell to calculate the percentage of total income for each expense item. Format the values using percentage style. 5) Below the income, expense and left over cash rows create a SUMIF function to sum all the expense amounts that exceed 11% of the total income. 6) Use the proper number formatting for the values calculated. Tom is evaluating his monthly bills to determine the effect of changes he could potentially make to his monthly expenses to help him pay off his loan from his rich Uncle. Tom works two jobs; his primary full time job is a customer service representative with Hewlett Packard (HP) and works weekends at the local Best Buy. Tom brings home $2,500 from HP and $500 from Best Buy after taxes monthly. The following are Tom's required monthly living expenses. Tom spends approximately $600 on rent, $150 on utilities, $70 on car insurance and $300 on his car payment. Tom's grocery bill averages $200 per month, and he pays approximately $200 in gas. Tom is currently paying his Uncle $200 per month on his original loan of $10,000 which he received when he was attending Austin Peay State University. The balance of the loan from Tom's Uncle is $9,600. Tom is also paying the minimum payment of $50 per month on his credit card with Capital One. Tom spends the remainder of his pay on the following items. Tom enjoys the thrill of online gambling and regularly expends a minimum of $300 per month. Tom also has a thriving social life and spends approximately $400 on going to the movies, eating out with friends, and attending parties. To stay fit Tom has a membership at a gym for $50 where he also pays for personal training sessions for an extra $150 per month. As a reward for staying in shape, Tom goes shopping once a month and spends $100 on frivolous purchases. Finally, to maintain networking connections Tom pays for a membership at a Golf Club in town for $150 per month. Prepare the worksheets described below in the Excel template provided. Only one Excel file should be used to complete this assessment. Worksheet 1 - 1) Rename 'Sheet 1' as "Original Expenses and insert a centered Header with the worksheet name. Hint: The header worksheet name should change as the tab is renamed. 2) In the template the data is organized into two sections, income and expenses. 3) Use the Sum function to total the income and expenses. Use a calculation to determine the Cash Left Over" after Tom pays all of his monthly expenses. 4) Create a column next to the expense values and name it % of Income." Use a calculation within the cell to calculate the percentage of total income for each expense item. Format the values using percentage style. 5) Below the income, expense and left over cash rows create a SUMIF function to sum all the expense amounts that exceed 11% of the total income. 6) Use the proper number formatting for the values calculated

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting What The Numbers Mean

Authors: David Marshall, Wayne William McManus, Daniel Viele

7th Edition

0073011215, 9780073011219

More Books

Students also viewed these Accounting questions

Question

2. Speak in a firm but nonthreatening voice.

Answered: 1 week ago

Question

Write short notes on Interviews.

Answered: 1 week ago

Question

How is workforce planning linked to strategic planning?

Answered: 1 week ago