MS Excel Budget Summary Preparation Assignment | Homework Help Websites
In this activity, you will help a fictitious family in preparing their family budget. For this, you will first read the following scenario, and then complete the steps given below.
Lukas and Anita Matkowski are a recently married couple in San Diego, CA. Lukas is currently working and attending college online. Anita is the manager at a YMCA. They want to manage their family budget, but they need help.
You volunteered to help them using MS Excel to set up the formulas and functions to project their monthly expenses and help them meet their financial goals. Complete the following:
- Open the Matkowski workbook. Select the following link to access the Matkowskiworkbook: Matkowski Workbook [XLS file size 13.2 KB] There are two worksheets. The first is labeled “Documentation” and the second is labeled “Budget.” Save the workbook as Matkowski_Budget.xlsx.
- In cells B3 and B4 of the Documentation sheet, enter your name and the date.
- Go to the Budget worksheet. In cell B7, calculate the couple’s total monthly income.
- In row 23, use AutoFill to replace the numbers 1 through 12 with the month abbreviations Jan through Dec.
- In rows 24 and 25, enter the couple’s monthly income in each cell by referencing the monthly income estimates in cells B5 and B6. Use an absolute cell reference.
- In row 26, calculate the couple’s monthly income.
- In row 37, enter formulas to calculate the total estimated expenses for each month.
- In row 38, calculate each month’s net cash flow, which is equal to the total income minus the total expenses.
- In row 39, calculate the running total value of the net cash flow so that Anita and Lukas can see how their net cash flow changes as the year progresses. In the first month, the running total value is equal to the net cash flow value. For the remaining months, the running total is equal to the previous month’s running total plus the current month’s net cash flow value.
- In the range B10:B19, calculate the average monthly expense for each line item based on the values in rows 27 through 36.
- In cell B20, calculate the total of the average monthly expenses.
- The couple currently has $7,350 in their savings account. Each month, the couple will take money out of their savings account or deposit money into their savings account. In row 41, calculate the end-of-month balance in their savings account. In the first month, the end-of-month balance is calculated by adding the value in cell E5 to the Net Cash Flow value in row 38. For the remaining months, the end-of-month balance in their savings account is equal to the previous month’s end-of-month balance plus the current month’s Net Cash Flow value.
- In cell E6, enter a formula to display the value of the savings balance at the end of December.
Lukas and Anita would like to have $15,000 in their savings account by the end of the year. Anita is planning to ask for a raise at her job. Determine the new value of Anita’s monthly salary that will achieve a final savings balance of $15,000 (Hint: Use the what-If analysis).
- Save and close the workbook.
- Once you have successfully completed all the steps in this assignment, submit your Matkowski_Budget workbook.