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, 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 "1/1/12", "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" 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.

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," "Amounts," 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. Where a yellow highlighted cell shows titles such as "Formula" 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.

Where a yellow highlighted cell shows titles such as "Formula" 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. 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" 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." 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

Name: Martin Lyke Instructor: Karin Ford-Torres Primer on Using Excel in Accounting by Rex A Schildhouse
E20-2 - Prepare a sales budget for 2 quarters.

Date: Course:

01/13/13 FINC405

Edington Electronics Inc. produces and sells two models of pocket calculators, XQ-103 and XQ-104. The calculators sell for calculators $12.00 $25.00 respectively. Because of the intense competition and Edington faces, management budgets sales semiannually. Its projections for the first 2 quarters of 2012 are as follows. Unit Sales Product Quarter Quarter 1 2 XQ-103 20,000 25,000 XQ-104 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 Ending June 30, 2012 Quarter 1 Quarter 2 Selling Selling Total Sales Units Total Sales Price Price $12.00 $260,000 25,000 $12.00 $300,000 $25.00 $312,000 15,000 $25.00 $375,000 $572,000 40,000 $675,000

Product XQ-103 XQ-104 Totals

Units 20,000 12,000 32,000

Units 45,000 27,000 72,000

Six Months Selling Total Sales Price $12.00 $560,000 $25.00 $687,000 $1,247,000

130960968.xlsx.ms_office, Exercise E20-2, Page 3 of 7 Page(s), 2/24/20137:33 PM

01/13/13 Name: Martin Lyke 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
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 st 5,000 8,000 1 Quarter 3rd Quarter 7,000 10,000 2nd Quarter 4th Quarter The January 1, 2012, inventory of HD-240 is2,500 units. Management desires an ending inventory each quarter equal to of the next quarter's sales. Sales in the first quarter of 2013 50% are expected to be higher than sales in the same quarter in 2012. 30% Instructions: Prepare quarterly production budgets for each quarter and in total for 2012. TURNEY COMPANY Production Budget For the Year Ending December 31, 2012 Product HD-240 Quarter 1 2 3 Expected unit sales 5,000 7,000 8,000 (1) 3,500 4,000 5,000 Add: Desired ending finished goods units Total required units 8,500 11,000 13,000 Less: Beginning finished goods units 2,500 3,500 4,000 Required production units 19,500 25,500 30,000

Year 4 10,000 6,500 (2) 16,500 5,000 38,000 113,000

130960968.xlsx.ms_office, Exercise E20-4, Page 4 of 7 Page(s), 2/24/20137:33 PM

Name: Martin Lyke Instructor: Karin Ford-Torres Accounting, Fourth Edition by Kimmel, Weygandt, and Kieso Primer on Using Excel in Accounting by Rex A Schildhouse
P20-1A - Prepare budgeted income statement and supporting budgets.

Date: Course:

01/13/13 FINC405

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. 28,000 42,000 bags; Quarter 2 bags. Selling price is 1. Sales: Quarter 1 per bag. $60.00 4 pounds of Gumm at a cost of $4.00 per 2. Direct materials: Each bag of 6 pound and pounds of Tarr at per pound. $1.50 3. Desired inventory levels: Type of inventory January 1 April 1 July 1 Snare (bags) 8,000 12,000 18,000 Gumm (pounds) 9,000 10,000 13,000 Tarr (pounds) 14,000 20,000 25,000 0.25 hours (15 minutes) per bag at an hourly rate of $14.00 4. Direct labor: Direct labor time is per hour. 15% of sales plus $175,000 5. Selling and administrative expenses are expected to be per quarter. 30% of income from operations. 6. Income taxes are expected to be Your assistant has prepared two budgets: (1) The manufacturing overhead budget shows expected costs to be of direct labor cost. (2) The direct materials budget for Tarr shows the cost of Tarr purchases to be 150% in quarter 1 and in quarter 2. $297,000 $439,500 Instructions: 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 Sales Budget For the Six Months Ending June 30, 2012 Quarter 6 Months 1 2 Expected Unit Sales 28,000 42,000 70,000 Unit Selling Price $60 $60 $60 Total Sales $1,680,000 $2,520,000 $4,200,000 GLENDO FARM SUPPLY COMPANY Production Budget For the Six Months Ending June 30, 2012 Quarter 1 Expected Unit Sales 28,000 Add: Desired ending finished goods units Amount Total required units Formula Less: Beginning finished goods units Amount Required Production Units Formula

2 42,000 Amount Formula Amount Formula

6 Months 70,000 Formula Formula Formula Formula

130960968.xlsx.ms_office, Problem P20-1A, Page 5 of 7 Page(s), 2/24/20137:33 PM

01/13/13 Name: Martin Lyke Date: FINC405 Instructor: Karin Ford-Torres Course: Accounting, Fourth Edition by Kimmel, Weygandt, and Kieso COMPANY GLENDO FARM SUPPLY Direct Materials Budget - Gumm 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 Direct Labor Budget For the Six Months Ending June 30, 2012 Quarter 1 Amount Amount Formula Amount Formula

Units to be produced Title Title Title Title

2 Amount Amount Formula Amount Formula

6 Months Amount Amount Formula Amount Formula

GLENDO FARM SUPPLY COMPANY Selling and Administrative Expense Budget For the Six Months Ending June 30, 2012 Quarter 1 2 Budgeted sales in units Amount Amount Title Title Total Formula Amount Formula Formula Amount Formula

6 Months Formula Formula Amount Formula

GLENDO FARM SUPPLY COMPANY Budgeted Income Statement For the Six Months Ending June 30, 2012 6 Months Title Title Title Title Title Title Title Formula Formula Formula Amount Formula Formula Formula

130960968.xlsx.ms_office, Problem P20-1A, Page 6 of 7 Page(s), 2/24/20137:33 PM

01/13/13 Name: Martin Lyke Date: FINC405 Instructor: Karin Ford-Torres Course: Accounting, Fourth Edition by Kimmel, Weygandt, and Kieso Cost element Unit Cost Quantity Total Direct materials Title Number Amount Formula Title Number Amount Formula Title Number Amount Formula Title Formula Title Formula

130960968.xlsx.ms_office, Problem P20-1A, Page 7 of 7 Page(s), 2/24/20137:33 PM