Excel Applications for Accounting Principles 4th Edition by Gaylord Smith

Exercise 2

PROBLEM DATA
Ranger Industries has provided the following information at June 30:

Projected cash payments:
Inventory purchases are paid for in the month following acquisition.
Variable cash expenses, other than inventory, are equal to 25% of each month's sales and are paid in the month of sale.
Fixed cash expenses are $40,000 per month and are paid in the month incurred.
Depreciation on equipment is $2,000 per month.
REQUIREMENT
Open the file MASTER from the website for this book at cengagebrain.com. Enter all the formulas where indicated on the worksheet. Check to be sure that your balance sheet balances. Enter your name in cell A1. Save the completed file as MASTER2. Print the worksheet when done. Also print your formulas using fit-to-1 page scaling. Check figures: Borrowing (cell B78), $7,280; forecasted net income (cell D95), $40,200; total assets (cell D105), $507,600.