Easy Finance 2

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. This is the second of four homeworks I will have that I cant figure out.

General Instructions

r’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.

” 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 proper 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.”

Instructions for the Microsoft Excel Templates by Rex A Schildhouse

Be advised, the template workbooks and worksheets are not protected. Overtyping any data may remove it.

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

You should enter your name, date, instruc

to

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

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

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 “ Save Time On Research and Writing Hire a Pro to Write You a 100% Plagiarism-Free Paper. Get My Paper

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 ($400) 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.

Microsoft Office and Microsoft Excel are products of, and copyrighted by, Microsoft Corporation, One Microsoft Way, Redmond, Washington 98052-6399

Exercise E21-3

labor

Variable manufacturing overhead costs per direct labor hour are as follows.

to

direct

.

7,000

10,000

Title Amount Amount Amount Amount

Title Amount Amount Amount Amount
Title Amount Amount Amount Amount

Title Formula Formula Formula Formula

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

Formula Formula Formula Formula

		Name:			Date:
		Instructor:			Course:
		Accounting, Fourth Edition by Kimmel, Weygandt, and Kieso
		Primer on Using Excel in Accounting by Rex A Schildhouse
E21-3 – Prepare flexible manufacturing overhead budget.
Thome Company uses a flexible budget for manufacturing overhead based on	direct	hours.
				Indirect labor		$1.00
				Indirect materials		0.50
				Utilities		0.40
	Fixed overhead costs per month are:					Supervision			$	4,000
				Depreciation				1,500
		Property Taxes			800
The company believes it will normally operate in a range of		7,000		10,000
labor hours per month.
		Instructions:
Prepare a monthly manufacturing overhead flexible budget for 2012 for the expected range of activity, using increments of 1,000	direct labor hours
		THOME COMPANY
	Monthly Manufacturing Overhead Flexible Budget
	For the Year 2012
	Activity level	Direct labor hours	8,000		9,000
				Variable costs
				Fixed costs
				Total costs

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Exercise E21-4

Name: Date:
Instructor: Course:
Accounting, Fourth Edition by Kimmel, Weygandt, and Kieso
Primer on Using Excel in Accounting by Rex A Schildhouse

Indirect labor $1.00
Indirect materials 0.50
Utilities 0.40
Fixed overhead costs per month are: Supervision $4,000
Depreciation 1,500
Property Taxes 800

Indirect labor

Supervision $4,000

Indirect materials

Depreciation 1,500

Utilities

Property Taxes 800

Instructions:

9,000

THOME COMPANY

)

Variable costs

9,000 DLH

Title Amount Amount Amount

Title Amount Amount Amount Fav/Unf
Title Amount Amount Amount Fav/Unf

Formula Formula Formula Fav/Unf

Fixed costs
Title Amount Amount Amount Fav/Unf
Title Amount Amount Amount Fav/Unf
Title Amount Amount Amount Fav/Unf

Formula Formula Formula Fav/Unf

Total costs Formula Formula Formula Fav/Unf

direct labor hours during the month.
THOME COMPANY
Manufacturing Overhead Flexible Budget Report
For the Month Ended July 31, 2012
Direct labor hours (DLH) Budget: Actual Costs Favorable – Fav

Variable costs

8,500 DLH Unfavorable – Unf

Title Amount Amount Amount Fav/Unf
Title Amount Amount Amount Fav/Unf
Title Amount Amount Amount Fav/Unf
Total variable Formula Formula Formula Fav/Unf
Fixed costs
Title Amount Amount Amount Fav/Unf
Title Amount Amount Amount Fav/Unf
Title Amount Amount Amount Fav/Unf
Total fixed Formula Formula Formula Fav/Unf
Total costs Formula Formula Formula Fav/Unf

E21-4 – Prepare flexible budget reports for manufacturing overhead costs, and comment on findings.

Thome Company uses a flexible budget for manufacturing overhead based on direct labor hours. Variable manufacturing overhead costs per direct labor hour are as follows.

In July 2012, Thome Company incurs the following manufacturing overhead costs:

Variable Costs:

Fixed Costs:

$8,700

4,300

3,200

(a) Prepare a flexible budget performance report, assuming that the company worked

direct labor hours during the month.

Manufacturing Overhead Flexible Budget Report

For the Month Ended July 31, 2012

Direct labor hours (

DLH

Budget:

Actual Costs

Favorable – Fav

9,000 DLH

Unfavorable – Unf

Fav/Unf

Total variable

Total fixed

(b) Prepare a flexible budget performance report, assuming that the company worked

8,500

8,500 DLH

(c) Comment on your findings.

Enter text answer here.

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Problem P21-1A

Name: Date:
Instructor: Course:
Accounting, Fourth Edition by Kimmel, Weygandt, and Kieso
Primer on Using Excel in Accounting by Rex A Schildhouse

. On this basis, the budgeted manufacturing overhead cost data, shown below, are computed for the year.

Supervision

Indirect labor

Depreciation 60,000 Indirect materials 90,000

Utilities

18,000

to

hours.

27,000

Fixed Overhead Costs Variable Overhead Costs

Supervision

Indirect labor

Depreciation

Indirect materials

Insurance

Repairs 4,000

Rent 2,000 Utilities

Property taxes 1,500 Lubricants

Instructions:

direct labor hours

Packaging Department

Monthly Manufacturing Overhead Flexible Budget
For the Year 2012

Activity level
Direct labor hours Number Number Number Number

Variable costs
Title Amount Amount Amount Amount
Title Amount Amount Amount Amount
Title Amount Amount Amount Amount
Title Amount Amount Amount Amount
Title Amount Amount Amount Amount

Formula Formula Formula Formula

Fixed costs

Title Amount Amount Amount Amount
Title Amount Amount Amount Amount
Title Amount Amount Amount Amount
Title Amount Amount Amount Amount
Title Amount Amount Amount Amount

Formula Formula Formula Formula

Total costs Formula Formula Formula Formula

COOK COMPANY
Packaging Department

Manufacturing Overhead Flexible Budget Report

Actual Costs

Direct labor hours (DLH) Amount Amount

Variable costs DLH DLH
Title Amount Amount Formula

Title Amount Amount Formula Fav / Unf
Title Amount Amount Formula Fav / Unf
Title Amount Amount Formula Fav / Unf
Title Amount Amount Formula Fav / Unf

Total variable costs (1.00) Formula Formula Formula Fav / Unf

Fixed costs
Title Amount Amount Formula Fav / Unf
Title Amount Amount Formula Fav / Unf
Title Amount Amount Formula Fav / Unf
Title Amount Amount Formula Fav / Unf
Title Amount Amount Formula Fav / Unf

Total fixed costs Formula Formula Formula Fav / Unf
Total costs Formula Formula Formula Fav / Unf

Enter text answer here.

P21-1A – Prepare flexible budget and budget report for manufacturing overhead.
Cook Company estimates that	3	60,000	direct labor hours will be worked during the coming year,
2012, in the		Packaging Department
	Fixed Overhead Costs		Variable Overhead Costs
$	90,000	$126,000
	Insurance	30,000		Repairs	54,000
	Rent	24,000	7	2,000
	Property taxes		18,000		Lubricants
$222,000	$360,000
It is estimated that direct labor hours worked each month will range from		27,000	36,000
During October,	direct labor hours were worked and the following overhead costs were
incurred.
$7,500	$10,360
5,000	6,400
2,470
5,700
1,640
(a) Prepare a monthly manufacturing overhead flexible budget for each increment of	3,000
over the relevant range for the year ending December 31, 2012.
	COOK COMPANY
	Total variable costs (1.00)
	Total fixed costs
(b) Prepare a flexible budget report for October.
For the Month Ended October 31, 2012
Budgeted at	Difference
Favorable – Fav Unfavorable – Unf
												Fav / Unf
(c) Comment on management’s efficiency in controlling manufacturing overhead costs in October.

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