Create a new What SUP Loan Amortization Schedule Using the ch5-03 file to start your work, create a worksheet (similar to the one created in this chapter) that calculates the required annual payment for an $850,000, 7-year loan at 5 percent and includes a loan amortization schedule. (Be sure to use names in the worksheet, as illustrated in the chapter. You will also need to format the cells.) Save your file as ch5-03_student_name (replacing student_name with your name). (a) Print the newly completed worksheet in Value view, with your name and date printed in the lower left footer and the file name in the lower right footer. (b) Use the Scenario Manager to create a scenario using rates of 10, 9, 7, and 6 percent to calculate alternative payments. Print the resulting summary worksheet. (c) Use Excel’s goal seek feature to calculate the amount the company could borrow if it could afford a payment of $120,000 per year assuming the original loan assumptions. Print the resulting worksheet in Value view, with your name and date printed in the lower left footer and the file name in the lower right footer.
> What function is built-into Excel to help you calculate straight-line depreciation?
> Which ratios are usually formatted as percentages?
> Why is the point-and-click method of cell referencing easier than typing references directly into worksheet cells?
> What do solvency ratios represent?
> What do liquidity ratios represent?
> Create a new What SUP Present Value Analysis a. Using the ch7-01 file to start your work, modify that worksheet to do the following: i. Calculate the annuity payment required at the end of each year for the next 4 years at 4 percent such that the value i
> What do profitability ratios represent?
> What base amount is used for horizontal analysis of both income statements and balance sheets? Give an example.
> What base amount is used for vertical analysis of a balance sheet?
> What base amount is used for vertical analysis of an income statement?
> Which ratios are usually formatted as numbers?
> What is another term for vertical analysis?
> Explain the importance of parentheses in formulas.
> Explain the arguments used in the SUM function.
> How are formulas written in Excel?
> What does the Format Painter tool do?
> Create a new What SUP Operating Cash Payments Budget Using the ch6-03 file to start your work, create a worksheet similar to the one created in this chapter to budget operating cash payments by month for 3 months. Place assumption information in the cell
> How do you control the appearance of data in a worksheet?
> Explain the process for changing column width or row height.
> What does it mean when a cell or cells in a worksheet include a series of # signs?
> Identify the difference between labels and values.
> How does the AutoFill feature of Excel help the worksheet user?
> Explain how information is entered into an Excel worksheet.
> What is the recommended procedure for printing a workbook or worksheet?
> How do you change the name of a sheet in a workbook?
> Describe the procedure used to insert a column or row into a worksheet.
> How do you change a relative reference to an absolute reference?
> Create a new What SUP Operating Cash Receipts Budget Using the ch6-02 file to start your work, create a worksheet similar to the one created in this chapter to budget operating cash receipts by month for 3 months. Place assumption information in the cell
> Why would you want to use absolute references instead of relative references?
> What are the key accounting topics addressed in this text that relate to your learning Excel?
> What is the quickest way to get help while in Excel?
> What is the Page Layout view?
> How do you modify the Quick Access Toolbar to add the Open command?
> Describe the three basic components of the Ribbon.
> What and where is the Quick Access Toolbar?
> Describe the nature of the commands found on the File and Home tabs.
> What function is used (and how is it written) to count records in a report?
> What type of control is used in a report to add values?
> Using the ch5-04 file to start your work, create a worksheet (similar to the one created in this chapter) that calculates the bond proceeds for a $2,500,000, 10-year, 4 percent stated interest bond issued when the market interest rate is 5 percent. Inclu
> How do you determine where information appears in a report?
> What do the [ ] (brackets) signify in an Access formula?
> Is it possible to group more than one item?
> When creating a report, what does the process of summarizing accomplish?
> When creating a report, what does grouping accomplish?
> Can you always add a field from any table to a report based on a query?
> Describe the process of adding lines to a report.
> Why create a report from a query? Why not just print your query results?
> Why must an existing relationship be deleted before modifying a field’s data type?
> When is the Lookup Wizard used?
> Why are check box controls used on a form instead of list box controls?
> Why are calculated controls used on a form?
> Why are combo box controls used on a form?
> Why are list box controls used on a form?
> Why are text box controls used on a form?
> What is the difference between bound and unbound controls?
> What type of relationship must exist if a sub-form is used on a form?
> What view of a form is used to edit an existing form?
> What is a parameter query?
> What is an action query? Give examples.
> You are to add another depreciation chart for What SUP. Use the ch4-01_Chart_student_name workbook you created in this chapter. Add a new depreciation chart by changing the name of Sheet2 to Asset 1002. Following the steps shown in the chapter, create a
> Are the results of a calculation stored as a field in a table?
> What will compound criteria allow you to accomplish in Access?
> What are the three key comparison operators used in a query?
> Describe the process for adding to an existing query a field that exists in a table not currently included in the query.
> How and why are wildcards used in a query?
> Describe the process for using criteria in a query using the Design view method.
> When might you use a delete query?
> Describe the difference between the Query Wizard and Design view methods of creating a query.
> What is referential integrity?
> What are input masks?
> Modify What SUP’s Sum-of-the-Year’s Digits Depreciation Schedule You are to add another depreciation schedule for What SUP. Use the ch4-01_SYD_student_name worksheet you created in this chapter. Add a new depreciation worksheet, labeled Asset 1003, using
> Why would you establish default values for a field?
> What is the process for adding a validation rule to a field?
> What do validation rules do?
> Why would you want to change the column width and/or row height of a table?
> What can you do in Access to change the structure of a database?
> Define OLE.
> What rules must be followed if referential integrity is enforced?
> Describe the process for deleting a record from a table.
> How are controls used to create forms?
> From where does most of the information in a form come?
> You are to add another depreciation schedule for What SUP. Use the ch4-01_DDB_student_name worksheet you created in this chapter. Add a new depreciation worksheet, labeled Asset 1003, using the Move or Copy Shortcut menu. The asset to be depreciated is t
> Create a trial balance for What SUP as of March 31, 2019 You are to create a trial balance in a format identical to that created in this chapter. Include a debit and credit column, totals for each column, and appropriate labels and formatting. Start with
> On June 1, 2019, Father sold land to Son for $300,000. Father reported the gain by the installment method, with the gain to be spread over five years. In May 2021, Son received an offer of $400,000 for the land, to be paid over three years. What would be
> A seller and a buyer agree that the sales/purchase price for land is $1,500,000 down and two annual payments of $1,500,000 each to be made over the next two years. The buyer intends to construct a building on the land that will be used as the buyer’s war
> Mallard Corporation was formed in December 2021 and plans to use the cash basis of accounting. Mallard incurred one-half of its organizational expenses in December 2021 and one-half in January 2022. The payment of these expenses also occurred in these tw
> What conditions cause the golden parachute rules to apply?
> Sanjay Henry calls you and asks about setting up a savings incentive match plan for his employees (SIMPLE). Prepare a memo for the tax files with your response.
> Bob is notified by the city public housing authority on May 3, 2021, that his apartment building is going to be condemned as part of a commercial development project. On June 1, 2021, Stella offers to buy the building from Bob. Bob sells the building to
> Maize Corporation (a calendar year taxpayer) was formed on April 1, 2021. Calculate the maximum deduction for organizational expenses for 2021 if these costs were: a. $4,000. b. $24,000. c. $54,000. d. $64,000. e. Using spreadsheet software such as Micro
> Green Corporation, a calendar year taxpayer, has ordinary income of $10,000 and a long-term capital loss of $12,000 in 2021. Green incurred a long-term capital gain of $2,500 in 2018 and a long-term capital gain of $5,000 in 2020. a. How much of the long
> On April 5, 2019, Gustavo was granted an NQSO for 200 shares of common stock at $50 per share. On the date of the grant, there was no readily ascertainable fair market value for the option. Gustavo exercised the options on March 31, 2020, when the stock
> Zaire Corporation granted an ISO for 250 shares of its stock to Bruno on July 20, 2020, for services rendered. The option price was $130 and the fair market value was $130 on the date of the grant. Bruno exercised the option on September 1, 2020, when th
> Samantha, an accrual basis taxpayer, subscribes to a service that updates a database used in her business. In December 2021, Samantha paid the $120,000 subscription for the period January 2021 through December 2022. What is Samantha’s deduction for 2021?
> Shondee Corporation uses the lower of cost or market and FIFO inventory methods. At the end of 2020, the FIFO cost of the ending inventory was $181,000, and the market value of the inventory was $160,000. The corporation switched to LIFO in 2021. As a re
> In 2021, Cao’s compensation before his employer’s contribution to a SEP is $66,000. Up to what amount can Cao’s employer contribute and deduct in 2021?
> Shumpert, Inc., entered into a contract that was to take two years to complete, with an estimated cost of $900,000. The contract price was $1,300,000. Costs of the contract for 2020, the first year, totaled $675,000. a. What was the gross profit reported
> Jebali Corporation, a calendar year taxpayer utilizing the completed contract method of accounting, constructed a building for Samson, Inc., under a longterm contract. The gross contract price was $2,300,000. Jebali finished construction in 2021 at a cos
> Farhad canceled a note issued by Emma (Farhad’s niece) that arose in connection with the sale of property. At the time of the cancellation, the note had a basis to Farhad of $30,000, a face amount of $55,000, and a fair market value of $42,000. Presuming
> In 2021, Skylar sold an apartment building for $20,000 cash and a $300,000 note due in two years. Skylar’s cost of the property was $250,000, and he had deducted depreciation of $150,000, $60,000 of which was in excess of what the straight-line amount wo
