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Excelsior College Wilson Family Budget Summary Excel Task

Excelsior College Wilson Family Budget Summary Excel Task

Question Description

I’m working on a computer science question and need guidance to help me understand better.

n 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.

Thomas and Alison Wilson are a recently married couple in SanDiego, CA. Thomas is currently working and attending college online.Alison is an Account Representative for Sleek Clothing Co. They want tomanage their family budget, but they need help.

You volunteered to help them using MSExcel to set up the formulas and functions to project their monthlyexpenses and help them meet their financial goals. Complete thefollowing:

  1. Open the Wilson workbook. Select the following link to access the Wilson workbook: download [XLS file size 13.2 KB] There are twoworksheets. The first is labeled “Documentation” and the second islabeled “Budget.” Save the workbook as Wilson_Budget.xlsx.
  2. In cells B3 and B4 of the Documentation sheet, enter your name and the date.
  3. Go to the Budget worksheet. In cell B7, calculate the couple’s total monthly income.
  4. In row 23, use AutoFill to replace the numbers 1 through 12 with the month abbreviations Jan through Dec.
  5. In rows 24 and 25, enter the couple’s monthly income in each cell byreferencing the monthly income estimates in cells B5 and B6. Use anabsolute cell reference.
  6. In row 26, calculate the couple’s monthly income.
  7. In row 37, enter formulas to calculate the total estimated expenses for each month.
  8. In row 38, calculate each month’s net cash flow, which is equal to the total income minus the total expenses.
  9. In row 39, calculate the running total value of the net cash flow sothat Alison and Thomas can see how their net cash flow changes as theyear progresses. In the first month, the running total value is equal tothe net cash flow value. For the remaining months, the running total isequal to the previous month’s running total plus the current month’snet cash flow value.
  10. In the range B10:B19, calculate the average monthly expense for each line item based on the values in rows 27 through 36.
  11. In cell B20, calculate the total of the average monthly expenses.
  12. The couple currently has $7,350 in their savings account. Eachmonth, the couple will take money out of their savings account ordeposit money into their savings account. In row 41, calculate theend-of-month balance in their savings account. In the first month, theend-of-month balance is calculated by adding the value in cell E5 to theNet Cash Flow value in row 38. For the remaining months, theend-of-month balance in their savings account is equal to the previousmonth’s end-of-month balance plus the current month’s Net Cash Flowvalue.
  13. In cell E6, enter a formula to display the value of the savingsbalance at the end of December.Thomas and Alison would like to have$15,000 in their savings account by the end of the year. Alison isplanning to ask for a raise at her job. Determine the new value ofAlison’s monthly salary that will achieve a final savings balance of$15,000 (Hint: Use the what-If analysis, goal seek – don’t click OKwrite down the answer and click cancel). Enter the correct answer you’ve received after using goal seek in cell 16.
  14. Save and close the workbook.
  15. Once you have successfully completed all the steps in this assignment, submit your Wilson_Budget workbook.

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