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General Instructions

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 "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

Exercise E20-2

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 and XQ-104. The calculators
sell for calculators $12.00 and $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 1 Quarter 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
Product Quarter 1 Quarter 2 Six Months
Units Selling Price Total 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
Totals Formula Formula Formula Formula Formula Formula

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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
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 5,000 3rd Quarter 8,000
2nd Quarter 7,000 4th Quarter 10,000
The January 1, 2012, inventory of HD-240 is 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.
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 4 Year
Expected unit sales Amount Amount Amount Amount
Add: Desired ending finished goods units(1) Formula Formula Formula Formula (2)
Total required units Formula Formula Formula Formula
Less: Beginning finished goods units Formula Formula Formula Formula
Required production units Formula Formula Formula Formula Formula

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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
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: Each bag of Snare requires 4 pounds of Gumm at a cost of $4.00 per
pound and 6 pounds of Tarr at $1.50 per pound.
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
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 30% 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.
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
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
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 6 Months
1 2
Units to be produced Amount Amount Amount
Title Amount Amount Amount
Title Formula Formula Formula
Title Amount Amount Amount
Title Formula Formula Formula
GLENDO FARM SUPPLY COMPANY
Selling and Administrative Expense Budget
For the Six Months Ending June 30, 2012
Quarter 6 Months
1 2
Budgeted sales in units Amount Amount Formula
Title Formula Formula Formula
Title Amount Amount Amount
Total Formula Formula Formula
GLENDO FARM SUPPLY COMPANY
Budgeted Income Statement
For the Six Months Ending June 30, 2012
6 Months
Title Formula
Title Formula
Title Formula
Title Amount
Title Formula
Title Formula
Title Formula
Cost element Quantity Unit Cost Total
Direct materials
Title Number Amount Formula
Title Number Amount Formula
Title Number Amount Formula
Title Formula
Title Formula

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