Your sister runs an art gallery where she teaches art classes. Her clients pay monthly dues and can take as many classes as they want. Her gallery is losing money, and she asked you to help identify

Project Topics

Choose one of the following topics for your Project. Make sure to complete all requirements listed. You may need to do research outside the textbook to learn how to do something new or to compile the data needed for the Project. Do not do just the bare minimum. Get creative and really show off what you have learned. Label additional work so that your professor knows where you have gone above and beyond the project requirements. If you select a topic that includes a starting file, you can download this from Blackboard.

3. Art Gallery

Your sister runs an art gallery where she teaches art classes. Her clients pay monthly dues and can take as many classes as they want. Her gallery is losing money, and she asked you to help identify how she can become profitable. Open the e06b1gallery.xlsx file from Blackboard and save it as e06b1gallery_LastnameFirstname. Your first step is to perform a simple what-if analysis using Goal Seek in which you set a target profit of $15,000 by changing the membership dues. Be sure that you do not change the resulting values as you move through the project. Next, construct a one-variable data table using dues ranging from $50 to $70 at $2 increments and show results for the revenues and income. Then create a two-variable data table using the same dues substitution values and memberships ranging from 2,500 to 3,100 at 200 increments to show results for income. Format the tables (including substitution values, results, and headings) appropriately. Apply a fill color to the result cells closest to the break-even point without creating a deficit. Create a Scenario Summary report using the following scenarios: (1) Best Case – 3100 Members, $70 Dues (2) Worst Case – 2,300 Members, $50 Dues (3) Most Likely – 2,600 Members, $60 Dues. Show results for the Income. In your Summary report, modify the cell references to show appropriate labels for the data. Select landscape orientation, adjust the margins, and then adjust the column widths. Create a footer with your name, the sheet name code, and the file name code. Save and close the workbook.

Creative Art Gallery           
           
Monthly Expenses           
Lease     $28,300        
Overhead     9,785        
Supplies     9,450        
Salaries     102,750        
Education Programs     3,247        
Studio Maintenance     1,267        
Total Expenses     $154,799        
           
           
Monthly Revenues           
Members     2,564        
Dues     $50        
Total Revenues     $128,200        
           
Budget           
Total Revenues     $128,200        
Total Expenses     154,799        
Income     $(26,599)