PLEASE HELP ASAP as much as possible!!! Prepare a personal budget for one month.
ID: 2812880 • Letter: P
Question
PLEASE HELP ASAP as much as possible!!!
Prepare a personal budget for one month. Be sure to think through your sources of income and expenses. Be as detailed as you wish; but include cells that calculate the following: Income (which calculates the sum of all income sources), Expenses (which calculates the sum of all expenses), and Savings (which calculates the difference between the total income and expenses). After completing your budget, complete the tasks to create named ranges that reference the important cells outlined above. This set of tasks as a total of 10 points.
1.Create a named range called, "Income" that references the cell that calculates the total income in your budget. [3 points]
2. Create a named range called, "Expenses" that references the cell that calculates the total expenses in your budget. [3 points]
3. Create a named range called, "Savings" that references the cell that calculates the monthly savings in your budget. The savings calculation should be the difference between the total income and total expenses in your budget. Be sure to reference the named ranges for income and expenses in your calculations. [4 points]
Complete the statement of cash flow for January through June on the CashFlow worksheet by completing the following tasks. As part of the process you will need to use a circular reference. You will need to set Excel to handle circular references. This set of tasks as a total of 45 points.
1. Calculate the total cash inflows for the six months. The total cash inflows are sum of the cash sales and customer payments. [3 points]
2. Calculate the total expenses for the six months. The total expenses are sum of all of the expenses incurred for each the month in which they are incurred. [3 points]
3. Calculate the net cash flows for the six months. The net cash flows are calculated as the difference between the total cash inflows and the total expenses for each month. [3 points]
4. Calculate the Shortfall/Surplus Cash for the six months. The shortfall/surplus cash is the beginning cash balance plus the net cash flows for each month. [3 points]
5. Calculate the additional cash needed for the six months. When there is a cash shortfall (the shortfall/surplus cash calculation is less than zero), additional cash must be obtained from a loan to cover all of the monthly expenses. Therefore, additional cash needed is equal to any cash shortfall. It is zero if there is a cash surplus. The additional cash needed should be a positive number even though a shortfall will be a negative number in the model (row 26). [6 points]
6. Calculate the cash available to retire debt for each of the six months. There is cash available to retire debt if there is a cash surplus at the end of a month (shortfall/surplus cash > 0). Therefore cash available to retire debt is equal to any cash surplus at the end of a month. If there is not a surplus, cash available to retire debt is 0. [6 points]
7. Calculate the cash used to retire debt for each of the six months. Since the company can't pay down more debt than there is cash available to retire the debt, the cash used to retire debt cannot exceed the cash available to retire debt. Likewise, the company won't pay more money to retire debt than it has debt from the prior month to retire. Therefore, the cash used to retire debt will be equal to the cash available to retire debt if that total is less than the loan balance from the prior month. Otherwise, the cash used to retire debt will be the loan total from the prior month. [6 points]
8. Calculate the loan balance for each of the six months. The loan balance is calculated as the additional cash needed for a given month minus any cash used to retire debt for that month plus the loan balance carried from the prior month. [3 points]
9. Calculate the ending cash balance for each month. The ending cash balance is equal to the cash available to retire debt minus any cash used to retire debt. [3 points]
10.Calculate the beginning cash balance for February through June. The beginning cash balance is equal to the ending cash balance from the prior month. [3 points]
11. Calculate the loan interest for each month. The loan interest is equal to the loan balance for that month times the monthly interest rate in cell C3. This will create a circular reference. Configure Excel to appropriately handle the circular reference. [3 points]
12. Calculate the line of credit needed. The line of credit needed is the credit limit the company needs to negotiate with the bank. It is calculated as the maximum loan balance that the company expects to carry over the course of the six month period. [3 points]
You are planning to switch your cell phone provider. The Cellular worksheet presents three options for a cell phone plan with the new company. You could choose a pay-as-you-go plan, a traditional plan (which includes an allowance for minutes, data, and text and penalties for exceeding these allowances), and an unlimited plan. You want to evaluate which plan will be best for you. You have imported your calls, data usage, and text message usage from the last month with your previous provider into separate worksheets in the workbook (Calls, Data, and Messages, respectively) so that you can how much each plan would cost you based on your usage that month. Complete the following tasks to compare your bill for each plan option.
This set of tasks as a total of 45 points.
1. Complete the "Weekday/Daytime?" column of the "Calls" worksheet. Each cell in this column should display "Yes" if the call for that row was made on a weekday and during the daytime and "No" otherwise (e.g. cell H3 will display "Yes" if cells F3 and G3 are both "Yes" otherwise it will display "No"). Notice that column F is "Yes" if the call was placed on a weekday and column G is "Yes" if the call occured during the daytime. [1 point] (Table goes down to row 554 could not show all in screenshot)
2. Complete the "Time Charged" column of the "Calls" worksheet. The time charged for each call is the "Minutes" (column E) for that call rounded up to the next minute (e.g. the time charged for a call that lasts 1.01 minutes is 2 minutes). Use the ROUNDUP function with "Minutes" (column E) as the number argument and 0 for the number of digits. [1 point]
0 Cash Flow Budget Worksheet 1.5% Monthly Interest Rate Complete the statement of cash flow for January through June by completing the tasks. As part of the process you will need to usea ircular reference. You will need to set Excel to handle circular eferences Line of Credit Nceded December January February 5,000.00 April June Beginning Cash Balance Cash Inflows (Income): Customer Payments Cash Sales Total Cash Inflows $35,000.00 45,000.00 $53,000.00 $64,680.00 $76,540.00 $90,540.00 $52,000.00 $62,000.00 $73,500.00 $86,000.00 $100,600.00 $117,700.00 Cash Outflows (Expenses) Advertising Loan Interest 20,000.00 $30,000.00 $35,000.00 $40,000.00 $50,000.00 $60,000.00 4,500.00 $4,500.00 54,500.00 $4,500.00 54,500.00 4,500.00 $46,000.00 53,000.00 $54,500.00 S59,800.00 $71,900.00 $83,300.00 3,200.00 $3,200.00 $3,200.00 $3,500.00 $4,000.00 $4,000.00 11,000.00 $12,000.00 $13,500.00 $18,100.00 $17,700.00 $23,200.00 12,000.00 $12,000.00 $12,000,00 12,000.00 $12,000.00 $12,000.00 2,700.00 $3,000.00 53,100.00 3,200.00 3,500.00 55,000.00 Inventory Purchases Office Supplies Rent or Lease Utilities&Telephone Total Expenses Cash Flows (Net): Shortfall/Surplus Cash 6000.00 Loan Calculatations Additional Cash Needed Cash Available to Retire Debt $0.00 $6,000.00 Budget Cellular Calls Data Ready 100%Explanation / Answer
3. Savings
$1,895.00
$ 1,818.00
Question answer from given table:
1. Total Cash Inflows:
PERSONAL BUDGET WORKSHEET MONTH: August Budget Actual 1. INCOME: Salary $7,000.00 $ 7,000.00 Other: $300.00 $ 250.00 Total Income $7,300.00 $ 7,250.00 2.EXPENSES: Living/Housing: Rent $1,500.00 $ 1,500.00 Electric $50.00 $ 45.00 Water/Sewer $1!5.00 $ 12.00 Gas/Heating $20.00 $ 18.50 Telephone $15.00 $ 14.50 Cable TV $15.00 $ 13.00 Household/Repairs $250.00 $ 320.00 Other: $50.00 $ 38.00 Regular Payments: Student Loan $1,500.00 $ 1,500.00 Credit Cards $ 500.00 $ 450.00 Car/Home Insurance $ 175.00 $ 175.00 Life Insurance $ 100.00 $ 90.00 Food Expenses: Groceries $ 300.00 $ 320.00 Restaurant Meals $ 250.00 $ 300.00 Personal Expenses: Personal Care $ 100.00 $ 110.00 Hair/Nail Care $ 80.00 $ 40.00 Clothing/Shoes $ 200.00 $ 230.00 Doctors, Dentists, etc. $ 50.00 $ 30.00 Prescriptions $ 50.00 $ 40.00 Laundry/Dry Clean $ 15.00 $ 13.00 Transportation: Bus, Taxi, Train, etc. $20.00 $ 25.00 Miscellaneous: Church $ 100.00 $100.00 Gifts/Charity $ 50.00 $ 48.00 Total Expenses: $5,405.00 $ 5,432.003. Savings
$1,895.00
$ 1,818.00
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