Easy Finance

Instructions on first page of excel sheet. I need tabs 2, 3, and 4 completed. The areas needed are highlighted at the bottom. This is my first finance class so they should be really easy, the military just does not give me enough time to do all of it.

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>General Instructions

worksheets are not protected.
Overtyping any data may remove it.

/1/12″, “01/01/12”, and “01/01/2012.” All of these will return January 01, 2010, in the format set in the template.

” enter the appropriate account title for that step of the challenge. This is a text entry and most of those cells are set for the pro

indentation for that step. Frequently the chart of accounts appropriate to the challenge is provided and you can use the “look to” formula to reference the appropriate account title without typing it.

s,” or “Quantities” enter the appropriate numerical value for that step of the challenge. The cell is formatted for proper presentation of the entered information. If a dollar sign is appropriate, it should not be entered, Microsoft Excel will place it there through formatting. Commas and significant digits (decimals) are also set through formatting for common presentation. Since the formatting of the templates is not protected by any password, you may change any of the formatting found in the templates to meet your desires.

” you may enter the appropriate formula or enter a numerical value appropriate for that step of the challenge. Most of the values necessary for the appropriate formula are located on the template in cells with borders or in other yellow highlighted cells. The formula may be a simple “Look to” formula, an equal sign and a cell reference, “=E27” or more complex as “=E27*5,” or something similar to the time-value-of-money formula. These are addressed in the tutorial text provided for Microsoft Excel.

” or “Journ #” you should enter the appropriate number provided in the template and in the text for that step of the challenge. In general this will appear in instances such as “Record the following events in General Journal number six.”

00) or -$400. Negative values in formulas can be created by putting a minus sign in front of the cell reference – “=E10*-E11” will return a negative value if both cells E10 and E11 contain positive values.

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Instructions for the Microsoft Excel Templates by Rex A Schildhouse

Be advised, the template workbooks

and

Extensive detail and information is contained within the help function of Microsoft Excel and in the provided text.

You should enter your name, date, instructor’s name, and course into the cells at the top of the page. This information will be printed on the top of each page if the template requires more than one page.

Each template is set to print with File Name, tab name, Page # of # Page(s), the print date, and the print time to assist in assembly of multiple pages.

If more than one page is required by the template, manual page breaks have been set to provide consistent presentation.

All of the cells have been correctly formatted for presentation and should not require any adjustment. For example, if the text requires one, two, or three significant digits in a presentation, the template has been set for that presentation in the appropriate cells.

In general, the yellow highlighted cells are the cells which work and effort should be presented. These entries may include date(s), account title(s), values, memorandum appropriate to the entry, or text answers to questions.

And information or data which may be required by the solution will be entered in cells with borders to help identify them.

Where a yellow highlighted cell shows “Date” enter the appropriate date for that step of the challenge. This may be any date format that Microsoft Excel accepts. Some of these formats include “

1

Where a yellow highlighted cell shows “Acct Nbr” enter the appropriate account number, provided in the template and in the text for that step of the challenge. This is entry may be a “Look to” formula to another cell where that information has been provided or previously entered.

Where a yellow highlighted cell shows “Account

Title

per

Check with your instructor to see if abbreviated account titles are acceptable. For example “A/R” for Accounts Receivable, “A/P” for Accounts Payable. If your instructor is using a comparison process between workbooks for grading, these abbreviates may not be acceptable.

Where a yellow highlighted cell shows titles such as “Values,” “

Amount

Where a yellow highlighted cell shows titles such as “

Formula

Where a yellow highlighted cell shows “Text” enter the appropriate text for that step of the challenge. This may be a memorandum entry for a journal entry or a lengthy text answer discussing the results of an analysis of a company’s financials. These titles can simply be typed over.

Where a yellow highlighted cell shows titles such as “Journal

Number

The print area is defined to fit onto 8 1/2″ × 11″ sheets in portrait or landscape mode as required. Margins are generally set to no less than 1/2″ so most printers can print them without a problem. If you printer cannot accept margins less than 1″ you may have to reformat the margins through Page Setup.

The display may have “Freeze Pane” invoked so column titles remain visible during data entry. This can be removed by utilizing the View menu and selecting “Unfreeze Panes” under “Freeze Panes.”

When negative values are required, enter them by starting with a minus sign, “-“. Negative values may be shown as ($

4

Microsoft Office and Microsoft Excel are products of, and copyrighted by, Microsoft Corporation, One Microsoft Way, Redmond, Washington 98052-

6

3

Exercise E20-2

and

. The calculators

and

1

XQ-103

XQ-104

Ending June 30, 2012

Product Quarter 1

Six Months

Sales

Units Selling Price Total Sales Units Selling Price Total Sales

XQ-103 Number Amount Formula Number Amount Formula Formula Amount Formula
XQ-104 Number Amount Formula Number Amount Formula Formula Amount Formula

Formula Formula Formula Formula Formula Formula

		Name:			Elan Goldstein			Date:	08/06/13
		Instructor:			Karin Ford-Torres			Course:			FINC405
		Accounting, Fourth Edition by Kimmel, Weygandt, and Kieso
		Primer on Using Excel in Accounting by Rex A Schildhouse
E20-2 – Prepare a sales budget for 2 quarters.
Edington Electronics Inc. produces and sells two models of pocket calculators,		XQ-103		XQ-104
sell for calculators	$12.00	$25.00	respectively. Because of the intense competition
Edington faces, management budgets sales semiannually. Its projections for the first 2 quarters of 2012 are as follows.
Unit Sales
	Product								Quarter	Quarter 2
	20,000	2	5,000
	12,000	15,000
No changes in selling prices are anticipated.
		Instructions:
Prepare a sales budget for the 2 quarters ending June 30, 2012. List the products and show for each quarter and for the 6 months, units, selling price, and total sales by product and in total.
EDINGTON ELECTRONICS INC.
	Sales Budget
For the	Six Months
Quarter 2
		Units			Selling Price					Total
Totals

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Exercise E20-4

Name: Elan Goldstein Date:

Instructor: Karin Ford-Torres Course: FINC405
Accounting, Fourth Edition by Kimmel, Weygandt, and Kieso
Primer on Using Excel in Accounting by Rex A Schildhouse

5,000

, 2012, inventory of HD-240 is

Instructions:

Ending December 31, 2012

Quarter
1 2 3 4 Year

Amount Amount Amount Amount

Formula Formula Formula Formula

Formula Formula Formula Formula

Formula Formula Formula Formula

Formula Formula Formula Formula Formula

E20-4 – Prepare quarterly production budgets.
Turney Company produces and sells automobile batteries, the heavy-duty HD-240. The 2012 sales forecast is as follows.
HD-240 by Quarter
1st Quarter	3rd Quarter		8,000
2nd Quarter	7,000	4th Quarter		10,000
The	January 1	2,500	units. Management desires an ending inventory
each quarter equal to	50%	of the next quarter’s sales. Sales in the first quarter of 2013
are expected to be		30%	higher than sales in the same quarter in 2012.
Prepare quarterly production budgets for each quarter and in total for 2012.
TURNEY COMPANY
	Production Budget
For the	Year
Product HD-240
Expected unit sales
Add: Desired ending finished goods units(1)	(2)
Total required units
Less: Beginning finished goods units
Required production units

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Problem P20-1A

Name: Elan Goldstein Date:
Instructor: Karin Ford-Torres Course: FINC405
Accounting, Fourth Edition by Kimmel, Weygandt, and Kieso
Primer on Using Excel in Accounting by Rex A Schildhouse

: Each bag of Snare requires

4

per

6

January 1

8,000 12,000

10,000

20,000

30%

Instructions:

Sales Budget
Quarter

1 2
Title Number Number Formula
Title Amount Amount Amount
Title Formula Formula Formula

GLENDO FARM SUPPLY COMPANY

Production Budget

For the Six Months Ending June 30, 2012

Quarter 6 Months
1 2
Title Amount Amount Formula

Title Amount Amount Formula

Title Formula Formula Formula

Title Amount Amount Formula
Title Formula Formula Formula

GLENDO FARM SUPPLY COMPANY

For the Six Months Ending June 30, 2012
Quarter 6 Months
1 2

Title Amount Amount Amount

Title Amount Amount Amount
Title Formula Formula Formula
Title Amount Amount Amount
Title Formula Formula Formula
Title Formula Formula Formula
Title Formula Formula Formula
Title Amount Amount Amount
Title Formula Formula Formula

GLENDO FARM SUPPLY COMPANY

For the Six Months Ending June 30, 2012
Quarter 6 Months
1 2

Amount Amount Amount

Title Amount Amount Amount
Title Formula Formula Formula
Title Amount Amount Amount
Title Formula Formula Formula

GLENDO FARM SUPPLY COMPANY

For the Six Months Ending June 30, 2012
Quarter 6 Months
1 2

Amount Amount Formula

Title Formula Formula Formula
Title Amount Amount Amount

Total Formula Formula Formula
GLENDO FARM SUPPLY COMPANY
For the Six Months Ending June 30, 2012
6 Months
Title Formula

Title Formula
Title Formula

Title Amount

Title Formula
Title Formula
Title Formula

Total

Direct materials
Title Number Amount Formula

Title Number Amount Formula
Title Number Amount Formula

Title Formula

Title Formula

P20-1A – Prepare budgeted income statement and supporting budgets.
Glendo Farm Supply Company manufactures and sells a pesticide called Snare. The following data are available for preparing budgets for Snare for the first 2 quarters of 2013.
1. Sales: Quarter 1	28,000	bags; Quarter 2	42,000	bags. Selling price is
$60.00	per bag.
2.	Direct materials	pounds of Gumm at a cost of	$4.00
pound and	pounds of Tarr at	$1.50	per pound.
3. Desired inventory levels:
Type of inventory	April 1	July 1
Snare (bags)	18,000
Gumm (pounds)	9,000	13,000
Tarr (pounds)	14,000	25,000
4. Direct labor: Direct labor time is	0.25	hours (15 minutes) per bag at an hourly rate of	$14.00
per hour.
5. Selling and administrative expenses are expected to be	15%	of sales plus	$175,000
per quarter.
6. Income taxes are expected to be	of income from operations.
Your assistant has prepared two budgets: (1) The manufacturing overhead budget shows expected costs to be
150%	of direct labor cost. (2) The direct materials budget for Tarr shows the cost of Tarr purchases to be
$297,000	in quarter 1 and	$439,500	in quarter 2.
Prepare the budgeted income statement for the first 6 months and all required operating budgets by quarters. (Note: Use variable and fixed in the selling and administrative expense budget.) Do not prepare the manufacturing overhead budget or the direct materials budget for Tarr.
					GLENDO FARM SUPPLY COMPANY
					For the Six Months Ending June 30, 2012
					6 Months
Direct Materials Budget – Gumm
Direct Labor Budget
Units to be produced
Selling and Administrative Expense Budget
Budgeted sales in units
Budgeted Income Statement
Cost element	Quantity	Unit Cost

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