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Week 4 discussion | Accounting homework help

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When a business considers investing in a new project, the decision must be carefully evaluated. Businesses should invest in projects that are expected to add value to the company. One method to determine the added value of a project is net present value (NPV) analysis. NVP analysis determines the present value of the benefits and costs of a project. If the project’s NPV is greater than $0, then the project is considered to add value to the company. For this discussion, you will practice calculating the added value of project using the NPV.

Prepare:

Prior to beginning work on this discussion forum,

For the initial post, you will complete the NPV problem below. You will not be able to see other students’ posts until you post your initial post.

Problem:

A large auto company has just completed the research and development (R&D) on a new product, the Electrobicycle. The Electrobicycle is an electronic, climate-controlled bicycle with zero emissions. The R&D efforts focused on developing the capability to utilize electricity to power bicycles. Ultimately, the auto company expects Electrobicycles to be popular for most urban citizens due to convenience and low cost.

The R&D, which cost $3 million, is complete and paid for. The plant and equipment to mass produce the Electrobicycles will cost $2 million. This plant and equipment will be depreciated over 5 years using the straight-line method to zero book value ($400,000 per year). A working capital investment of $1 million will be needed at the beginning of the project. A working capital investment of $200,000 per year will be needed thereafter.

At the end of 5 years, the auto company believes there will be no more sales opportunities for Electrobicycles and will cease all production. Thus, at the end of the project, all working capital investments (the $1 million initial investment and the $200,000 per year) will be recovered at full value. The plant and equipment will be scrapped for a salvage value of $300,000 (after tax).

The company expects moderate sales in years 1 and 2, and then significant growth in each year thereafter as consumers adopt the Electrobicycles. Revenues and earnings will cease at the end of Year 5. The revenues, after-tax earnings, and cash flow for the 5-year life of the project are shown in this table.

Table 1

Projected Electrobicycle Financial Projection

Numbers in $000’s

TodayYear 1Year 2Year 3Year 4Year 5Revenues$1,000$1,500$3,000$6,000$12,000After-tax earnings($500)$100$300$600$1,200Project Cash FlowAfter-tax earnings($500)$100$300$600$1,200Plus: Depreciation$400$400$400$400$400Less: Cost of plant, equipment($2,000)$0$0$0$0$0Less: Working capital($1,000)($200)($200)($200)($200)($200)Plus: Recovery of working capitaln/an/an/an/a$2,000Plus: Salvage valuen/an/an/an/a$600Annual project cash flow($300)$300$500$800$4,000

Note: n/a = not applicable

Calculate:

  • Determine the NPV for the Electrobicycle project. Use the annual project cash flow from the table above. For the required rate of return, use the percent value from your birthday date. For example, if your birthday falls on the 16th of the month, the required rate of return would be 16%.
    • For guidance, review Section 7.1 of the textbook, NPV Example: The Pizza Scooter Delivery Project Revisited.

Write:

In your post, include the following:

  • Calculate the NPV of the Electrobicycle project. Be sure to show your NPV calculations.
  • Explain, in your own words, why working capital investments are subtracted each year in the cash flows.
  • Explain, in your own words, the meaning of the required rate of return for the project.
  • Assume the auto company has a required rate of return of 15%. Based on the required rate of return you used for the Electrobicycles (based on your birthday date), is the Electrobicycle project more or less risky than the auto company? Explain your answer.
  • Based on your concluded NPV, should the company invest in this project to build Electrobicycles? Justify your answer.

Guided Response: Review several of your colleagues’ posts, and reply to at least two of your peers by 11:59 p.m. on Day 7 of the week. You must respond to two classmates who have completed different calculations than you. In your written responses to your classmates, address the following:

  • Confirm the calculations or explain a correction to the calculation in the initial post.
  • Compare how the required rate of return you used differs from your classmate’s rate of return.
  • Explain how the different rate of returns impacted the concluded NPV.
  • Explain why the salvage value is added to the cash flows in the final year of the project.
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July 1, 2023
    

IMPORTANT: If you are a Canadian user, be sure to verify that your browser and Microsoft Office use the same country settings. See here for a Help topic on how to change your settings.

  1. Open the start file EX2019-SkillReview-1-1. The file will be renamed automatically to include your name. Change the file name if directed to do so by your instructor, and save it.
  2. If the workbook opens in Protected View, click the Enable Editing button in the Message Bar at the top of the workbook so you can modify the workbook.

NOTE: If group titles are not visible on your Ribbon, click the Excel menu and select Preferences to open the Excel Preferences dialog box. Click the View button and check the Group Titles check box under In Ribbon, Show. Close the Excel Preferences dialog box.

  1. Explore the workbook. If you accidentally make changes while exploring, press Ctrl + Z to undo the change.
    1. Click the worksheet tab labeled Stevens Hours.
    2. If necessary, use the vertical scroll bar to scroll down so you can see both weeks of billable hours. (If necessary, use the vertical scroll bar again to return to the top of the worksheet.)
    3. Click cell B2 (the cell displaying the staff member’s last name, Stevens). This is the cell at the intersection of column B and row 2.
      1. Note that the column B and row 2 selector boxes highlight.
      2. Note that the status bar displays Ready, indicating that you are in Ready mode.
      3. On the Home tab, in the Number group, look at the Number Format box at the top of the group. Note that the format for this cell is General.
      4. Double-click cell B2 to switch to Edit mode. Note that the status bar now displays Edit, and the blinking cursor appears within the cell. If you needed to, you could edit the text directly in the cell.
    4. Press Esc to exit Edit mode and return to Ready mode.
    5. Press Enter twice to move to cell B4 (the cell displaying the staff member’s billable rate). This cell is formatted with the Accounting Number Format (or Custom) number format.
      1. Look in the Number Format box and note that the format for this cell is Accounting (or Custom).
      2. On the Home tab, in the Styles group, look in the Cell Styles gallery, and note that the cell style Currency is highlighted. (If the Cell Styles gallery is collapsed on your Ribbon, click the Cell Styles button to display it.)
    6. Click cell B8 (the cell displaying the number of hours for Monday, August 5). This cell is formatted with the Custom cell style.
      1. Look in the Number Format box and note that the format for this cell is also Accounting (or Custom).
      2. On the Home tab, in the Styles group, look in the Cell Styles gallery, and note that the cell style Comma is highlighted for this cell. (If the Cell Styles gallery is collapsed on your Ribbon, click the Cell Styles button to display it.)
      3. Note the style differences between cell B4 (Accounting Number Format, Currency style) and cell B8 (Accounting Number Format, Comma style).
    7. Click cell B7 (the cell displaying the date 8/5/2019 or 8/5/19). This cell is formatted using the Short Date format. Note that the Number Format box displays Date.
    8. Double-click cell B14.
      1. Note that the status bar now displays Edit, indicating that you are in Edit mode.
      2. This cell contains a formula to calculate the daily bill for Monday, August 5: =B12*$B$4
      3. Note that cells B12 and B4 are highlighted with colors matching the cell references in the formula.
      4. Note that the reference to cell B4 is an absolute reference ($B$4).
    9. Press Esc to exit Edit mode.
    10. Double-click cell B12.
      1. Note that once again the status bar displays Edit, indicating that you are in Edit mode.
      2. This cell contains a formula using the SUM function to calculate the total billable hours for Monday, August 5: =SUM(B8:B11)
      3. In this case, the SUM function uses a single argument B8:B11 to indicate the range of cells to total.
      4. Note that the cell range B8:B11 is highlighted with the color matching the argument in the SUM function formula.
      5. Note that the reference to the cell range B8:B11 uses relative references.
    11. Press Esc to exit Edit mode.
    12. Press Tab to move to cell C12. Look in the formula bar and note that this cell contains a similar formula to the one in cell B12: =SUM(C8:C11)
    13. Press → to move through cells D12 through H12. Note the formula in the formula bar for each cell.
    14. Did you notice that the cell references in the formulas in cells C12 through H12 all use relative references?
  2. The Stevens Hours worksheet contains a stacked column chart. Review the chart so you can recreate it on the Swinson Hours worksheet.
    1. The stacked column chart to the right of the hours for the week of August 5 represents the hours worked for each client each day.
    2. The column height for each day represents the total hours worked. Each column is divided into segments representing the hours worked for each client.
    3. The number of hours worked is represented on the y axis. The dates are represented along the x axis.
    4. The chart title has been changed to: Week of 8/5/19
  3. Now you are ready to complete the worksheet for David Swinson. Navigate to the Swinson Hours worksheet by clicking the Swinson Hours worksheet tab.
  4. The staff member’s last name is spelled incorrectly. Navigate to cell B2 and edit the text so the last name is spelled correctly (Swinson – with an i instead of an a). Use Edit mode.
    1. Double-click cell B2.
    2. Edit the text to: Swinson
    3. Press Enter to accept your changes.
  5. The billable rate amount is missing. Navigate to cell B4 and enter the rate. Use Ready mode.
    1. Click cell B4.
    2. Type: 180
    3. Press Enter.
  6. Modify the billable rate to use the Accounting Number Format.
    1. Press the ↑ to return to cell B4.
    2. On the Home tab, in the Number group, click the Accounting Number Format button.
  7. The dates are missing from the timesheet. Enter the first date, August 5, 2019.
    1. Click cell B7.
    2. Type: 8/5/2019
    3. Press Enter.
  8. Use Autofill to complete the dates in the timesheet.
    1. Click cell B7.
    2. Click the Fill Handle, and drag to cell H7. Release the mouse button.
  9. Change the date format to the 8/5/2019 (or 8/5/19) format.
    1. The cell range B7:H7 should still be selected. If not, click cell B7, press and hold Shift, click cell H7, and then release the Shift key.
    2. On the Home tab, in the Number group, expand the Number Format list, and click Short Date.
  10. Use the Quick Analysis tool to enter total hours for each day.
    1. Select cells B8:H11. Click cell B8, hold down the left mouse button, and drag the mouse to cell H11.
    2. Release the mouse button. The cell range B8 through H11 should now appear selected.
    3. Click the AutoSum button on the Home tab, in the Editing group.
    4. The totals for each column are inserted in row 12 cells.
  11. Format the hours billed section to use the Comma Style number format. Be sure to include the total row.
    1. Select cells B8:H12. Try another method: Click cell B8, press and hold Shift, click cell H12, and release the Shift key.
    2. On the Home tab, in the Number group, click the Comma Style button.
  12. Enter a formula in cell B14 to calculate the daily bill for Monday, August 5. The formula should calculate the total billable hours for the day (cell B12) times the billable rate (B4).
    1. Click cell B14.
    2. Type: =
    3. Click cell B12.
    4. Type: *
    5. Click cell B4.
    6. Press Command + T to change the cell reference B4 to an absolute reference ($B$4).
    7. Press Enter.
    8. The formula should look like this: =B12*$B$4
  13. Use AutoFill to copy the formula to the remaining days in the timesheet.
    1. Click cell B14 again.
    2. Click the AutoFill handle. Hold down the left mouse button and drag to cell H14. Release the mouse button.
    3. The formulas in cells B14 through H14 should look like this.
      Table EX 1.4 displays the relative and absolute references for the remaining days in the timesheet.BCDEFGH14=B12*$B$4=C12*$B$4=D12*$B$4=E12*$B$4=F12*$B$4=G12*$B$4=H12*$B$4Notice that when the AutoFill copied the formula, it updated the relative reference (B12) to reflect the new column position, but it did not change the absolute reference ($B$4).
  14. Now you can calculate the bill total for the week by summing the daily bill amounts. Enter a formula using the SUM function with the cell range B14:H14 as the argument.
    1. Click cell B15.
    2. Type: =SUM(B14:H14)
    3. Press Enter.
  15. Use the Recommended Charts feature to insert a stacked column chart representing hours worked for each day for the week of August 5.
    1. Select cells A7:H11. Click cell A7, hold down the left mouse button, and drag the mouse to cell H11. Release the mouse button. The cell range A7 through H11 should now appear selected.
    2. Click the Recommended Charts button on the Insert tab in the Charts group.
    3. Scroll down through all the different chart choices.
    4. Click Stacked Column to insert a stacked column chart.
  16. Change the chart title.
    1. Click the Chart Title placeholder once to select it.
    2. In the formula bar, type: Week of 8/5/2019
    3. Press Enter.
  17. Preview how the worksheet will look when printed.
    1. Click cell A1 to deselect the chart.
    2. Click File on the Excel menu.
    3. Click Print... to display the print preview.
    4. Click Cancel to close the Print dialog.
  18. Save and close the workbook.
  19. Upload and save your project file.
  20. Submit project for grading.
default image
July 1, 2023
    

IMPORTANT: If you are a Canadian user, be sure to verify that your browser and Microsoft Office use the same country settings. See here for a Help topic on how to change your settings.

  1. Open the start file EX2019-SkillReview-1-1. The file will be renamed automatically to include your name. Change the file name if directed to do so by your instructor, and save it.
  2. If the workbook opens in Protected View, click the Enable Editing button in the Message Bar at the top of the workbook so you can modify the workbook.

NOTE: If group titles are not visible on your Ribbon, click the Excel menu and select Preferences to open the Excel Preferences dialog box. Click the View button and check the Group Titles check box under In Ribbon, Show. Close the Excel Preferences dialog box.

  1. Explore the workbook. If you accidentally make changes while exploring, press Ctrl + Z to undo the change.
    1. Click the worksheet tab labeled Stevens Hours.
    2. If necessary, use the vertical scroll bar to scroll down so you can see both weeks of billable hours. (If necessary, use the vertical scroll bar again to return to the top of the worksheet.)
    3. Click cell B2 (the cell displaying the staff member’s last name, Stevens). This is the cell at the intersection of column B and row 2.
      1. Note that the column B and row 2 selector boxes highlight.
      2. Note that the status bar displays Ready, indicating that you are in Ready mode.
      3. On the Home tab, in the Number group, look at the Number Format box at the top of the group. Note that the format for this cell is General.
      4. Double-click cell B2 to switch to Edit mode. Note that the status bar now displays Edit, and the blinking cursor appears within the cell. If you needed to, you could edit the text directly in the cell.
    4. Press Esc to exit Edit mode and return to Ready mode.
    5. Press Enter twice to move to cell B4 (the cell displaying the staff member’s billable rate). This cell is formatted with the Accounting Number Format (or Custom) number format.
      1. Look in the Number Format box and note that the format for this cell is Accounting (or Custom).
      2. On the Home tab, in the Styles group, look in the Cell Styles gallery, and note that the cell style Currency is highlighted. (If the Cell Styles gallery is collapsed on your Ribbon, click the Cell Styles button to display it.)
    6. Click cell B8 (the cell displaying the number of hours for Monday, August 5). This cell is formatted with the Custom cell style.
      1. Look in the Number Format box and note that the format for this cell is also Accounting (or Custom).
      2. On the Home tab, in the Styles group, look in the Cell Styles gallery, and note that the cell style Comma is highlighted for this cell. (If the Cell Styles gallery is collapsed on your Ribbon, click the Cell Styles button to display it.)
      3. Note the style differences between cell B4 (Accounting Number Format, Currency style) and cell B8 (Accounting Number Format, Comma style).
    7. Click cell B7 (the cell displaying the date 8/5/2019 or 8/5/19). This cell is formatted using the Short Date format. Note that the Number Format box displays Date.
    8. Double-click cell B14.
      1. Note that the status bar now displays Edit, indicating that you are in Edit mode.
      2. This cell contains a formula to calculate the daily bill for Monday, August 5: =B12*$B$4
      3. Note that cells B12 and B4 are highlighted with colors matching the cell references in the formula.
      4. Note that the reference to cell B4 is an absolute reference ($B$4).
    9. Press Esc to exit Edit mode.
    10. Double-click cell B12.
      1. Note that once again the status bar displays Edit, indicating that you are in Edit mode.
      2. This cell contains a formula using the SUM function to calculate the total billable hours for Monday, August 5: =SUM(B8:B11)
      3. In this case, the SUM function uses a single argument B8:B11 to indicate the range of cells to total.
      4. Note that the cell range B8:B11 is highlighted with the color matching the argument in the SUM function formula.
      5. Note that the reference to the cell range B8:B11 uses relative references.
    11. Press Esc to exit Edit mode.
    12. Press Tab to move to cell C12. Look in the formula bar and note that this cell contains a similar formula to the one in cell B12: =SUM(C8:C11)
    13. Press → to move through cells D12 through H12. Note the formula in the formula bar for each cell.
    14. Did you notice that the cell references in the formulas in cells C12 through H12 all use relative references?
  2. The Stevens Hours worksheet contains a stacked column chart. Review the chart so you can recreate it on the Swinson Hours worksheet.
    1. The stacked column chart to the right of the hours for the week of August 5 represents the hours worked for each client each day.
    2. The column height for each day represents the total hours worked. Each column is divided into segments representing the hours worked for each client.
    3. The number of hours worked is represented on the y axis. The dates are represented along the x axis.
    4. The chart title has been changed to: Week of 8/5/19
  3. Now you are ready to complete the worksheet for David Swinson. Navigate to the Swinson Hours worksheet by clicking the Swinson Hours worksheet tab.
  4. The staff member’s last name is spelled incorrectly. Navigate to cell B2 and edit the text so the last name is spelled correctly (Swinson – with an i instead of an a). Use Edit mode.
    1. Double-click cell B2.
    2. Edit the text to: Swinson
    3. Press Enter to accept your changes.
  5. The billable rate amount is missing. Navigate to cell B4 and enter the rate. Use Ready mode.
    1. Click cell B4.
    2. Type: 180
    3. Press Enter.
  6. Modify the billable rate to use the Accounting Number Format.
    1. Press the ↑ to return to cell B4.
    2. On the Home tab, in the Number group, click the Accounting Number Format button.
  7. The dates are missing from the timesheet. Enter the first date, August 5, 2019.
    1. Click cell B7.
    2. Type: 8/5/2019
    3. Press Enter.
  8. Use Autofill to complete the dates in the timesheet.
    1. Click cell B7.
    2. Click the Fill Handle, and drag to cell H7. Release the mouse button.
  9. Change the date format to the 8/5/2019 (or 8/5/19) format.
    1. The cell range B7:H7 should still be selected. If not, click cell B7, press and hold Shift, click cell H7, and then release the Shift key.
    2. On the Home tab, in the Number group, expand the Number Format list, and click Short Date.
  10. Use the Quick Analysis tool to enter total hours for each day.
    1. Select cells B8:H11. Click cell B8, hold down the left mouse button, and drag the mouse to cell H11.
    2. Release the mouse button. The cell range B8 through H11 should now appear selected.
    3. Click the AutoSum button on the Home tab, in the Editing group.
    4. The totals for each column are inserted in row 12 cells.
  11. Format the hours billed section to use the Comma Style number format. Be sure to include the total row.
    1. Select cells B8:H12. Try another method: Click cell B8, press and hold Shift, click cell H12, and release the Shift key.
    2. On the Home tab, in the Number group, click the Comma Style button.
  12. Enter a formula in cell B14 to calculate the daily bill for Monday, August 5. The formula should calculate the total billable hours for the day (cell B12) times the billable rate (B4).
    1. Click cell B14.
    2. Type: =
    3. Click cell B12.
    4. Type: *
    5. Click cell B4.
    6. Press Command + T to change the cell reference B4 to an absolute reference ($B$4).
    7. Press Enter.
    8. The formula should look like this: =B12*$B$4
  13. Use AutoFill to copy the formula to the remaining days in the timesheet.
    1. Click cell B14 again.
    2. Click the AutoFill handle. Hold down the left mouse button and drag to cell H14. Release the mouse button.
    3. The formulas in cells B14 through H14 should look like this.
      Table EX 1.4 displays the relative and absolute references for the remaining days in the timesheet.BCDEFGH14=B12*$B$4=C12*$B$4=D12*$B$4=E12*$B$4=F12*$B$4=G12*$B$4=H12*$B$4Notice that when the AutoFill copied the formula, it updated the relative reference (B12) to reflect the new column position, but it did not change the absolute reference ($B$4).
  14. Now you can calculate the bill total for the week by summing the daily bill amounts. Enter a formula using the SUM function with the cell range B14:H14 as the argument.
    1. Click cell B15.
    2. Type: =SUM(B14:H14)
    3. Press Enter.
  15. Use the Recommended Charts feature to insert a stacked column chart representing hours worked for each day for the week of August 5.
    1. Select cells A7:H11. Click cell A7, hold down the left mouse button, and drag the mouse to cell H11. Release the mouse button. The cell range A7 through H11 should now appear selected.
    2. Click the Recommended Charts button on the Insert tab in the Charts group.
    3. Scroll down through all the different chart choices.
    4. Click Stacked Column to insert a stacked column chart.
  16. Change the chart title.
    1. Click the Chart Title placeholder once to select it.
    2. In the formula bar, type: Week of 8/5/2019
    3. Press Enter.
  17. Preview how the worksheet will look when printed.
    1. Click cell A1 to deselect the chart.
    2. Click File on the Excel menu.
    3. Click Print... to display the print preview.
    4. Click Cancel to close the Print dialog.
  18. Save and close the workbook.
  19. Upload and save your project file.
  20. Submit project for grading.
default image
July 1, 2023
    

IMPORTANT: If you are a Canadian user, be sure to verify that your browser and Microsoft Office use the same country settings. See here for a Help topic on how to change your settings.

  1. Open the start file EX2019-SkillReview-1-1. The file will be renamed automatically to include your name. Change the file name if directed to do so by your instructor, and save it.
  2. If the workbook opens in Protected View, click the Enable Editing button in the Message Bar at the top of the workbook so you can modify the workbook.

NOTE: If group titles are not visible on your Ribbon, click the Excel menu and select Preferences to open the Excel Preferences dialog box. Click the View button and check the Group Titles check box under In Ribbon, Show. Close the Excel Preferences dialog box.

  1. Explore the workbook. If you accidentally make changes while exploring, press Ctrl + Z to undo the change.
    1. Click the worksheet tab labeled Stevens Hours.
    2. If necessary, use the vertical scroll bar to scroll down so you can see both weeks of billable hours. (If necessary, use the vertical scroll bar again to return to the top of the worksheet.)
    3. Click cell B2 (the cell displaying the staff member’s last name, Stevens). This is the cell at the intersection of column B and row 2.
      1. Note that the column B and row 2 selector boxes highlight.
      2. Note that the status bar displays Ready, indicating that you are in Ready mode.
      3. On the Home tab, in the Number group, look at the Number Format box at the top of the group. Note that the format for this cell is General.
      4. Double-click cell B2 to switch to Edit mode. Note that the status bar now displays Edit, and the blinking cursor appears within the cell. If you needed to, you could edit the text directly in the cell.
    4. Press Esc to exit Edit mode and return to Ready mode.
    5. Press Enter twice to move to cell B4 (the cell displaying the staff member’s billable rate). This cell is formatted with the Accounting Number Format (or Custom) number format.
      1. Look in the Number Format box and note that the format for this cell is Accounting (or Custom).
      2. On the Home tab, in the Styles group, look in the Cell Styles gallery, and note that the cell style Currency is highlighted. (If the Cell Styles gallery is collapsed on your Ribbon, click the Cell Styles button to display it.)
    6. Click cell B8 (the cell displaying the number of hours for Monday, August 5). This cell is formatted with the Custom cell style.
      1. Look in the Number Format box and note that the format for this cell is also Accounting (or Custom).
      2. On the Home tab, in the Styles group, look in the Cell Styles gallery, and note that the cell style Comma is highlighted for this cell. (If the Cell Styles gallery is collapsed on your Ribbon, click the Cell Styles button to display it.)
      3. Note the style differences between cell B4 (Accounting Number Format, Currency style) and cell B8 (Accounting Number Format, Comma style).
    7. Click cell B7 (the cell displaying the date 8/5/2019 or 8/5/19). This cell is formatted using the Short Date format. Note that the Number Format box displays Date.
    8. Double-click cell B14.
      1. Note that the status bar now displays Edit, indicating that you are in Edit mode.
      2. This cell contains a formula to calculate the daily bill for Monday, August 5: =B12*$B$4
      3. Note that cells B12 and B4 are highlighted with colors matching the cell references in the formula.
      4. Note that the reference to cell B4 is an absolute reference ($B$4).
    9. Press Esc to exit Edit mode.
    10. Double-click cell B12.
      1. Note that once again the status bar displays Edit, indicating that you are in Edit mode.
      2. This cell contains a formula using the SUM function to calculate the total billable hours for Monday, August 5: =SUM(B8:B11)
      3. In this case, the SUM function uses a single argument B8:B11 to indicate the range of cells to total.
      4. Note that the cell range B8:B11 is highlighted with the color matching the argument in the SUM function formula.
      5. Note that the reference to the cell range B8:B11 uses relative references.
    11. Press Esc to exit Edit mode.
    12. Press Tab to move to cell C12. Look in the formula bar and note that this cell contains a similar formula to the one in cell B12: =SUM(C8:C11)
    13. Press → to move through cells D12 through H12. Note the formula in the formula bar for each cell.
    14. Did you notice that the cell references in the formulas in cells C12 through H12 all use relative references?
  2. The Stevens Hours worksheet contains a stacked column chart. Review the chart so you can recreate it on the Swinson Hours worksheet.
    1. The stacked column chart to the right of the hours for the week of August 5 represents the hours worked for each client each day.
    2. The column height for each day represents the total hours worked. Each column is divided into segments representing the hours worked for each client.
    3. The number of hours worked is represented on the y axis. The dates are represented along the x axis.
    4. The chart title has been changed to: Week of 8/5/19
  3. Now you are ready to complete the worksheet for David Swinson. Navigate to the Swinson Hours worksheet by clicking the Swinson Hours worksheet tab.
  4. The staff member’s last name is spelled incorrectly. Navigate to cell B2 and edit the text so the last name is spelled correctly (Swinson – with an i instead of an a). Use Edit mode.
    1. Double-click cell B2.
    2. Edit the text to: Swinson
    3. Press Enter to accept your changes.
  5. The billable rate amount is missing. Navigate to cell B4 and enter the rate. Use Ready mode.
    1. Click cell B4.
    2. Type: 180
    3. Press Enter.
  6. Modify the billable rate to use the Accounting Number Format.
    1. Press the ↑ to return to cell B4.
    2. On the Home tab, in the Number group, click the Accounting Number Format button.
  7. The dates are missing from the timesheet. Enter the first date, August 5, 2019.
    1. Click cell B7.
    2. Type: 8/5/2019
    3. Press Enter.
  8. Use Autofill to complete the dates in the timesheet.
    1. Click cell B7.
    2. Click the Fill Handle, and drag to cell H7. Release the mouse button.
  9. Change the date format to the 8/5/2019 (or 8/5/19) format.
    1. The cell range B7:H7 should still be selected. If not, click cell B7, press and hold Shift, click cell H7, and then release the Shift key.
    2. On the Home tab, in the Number group, expand the Number Format list, and click Short Date.
  10. Use the Quick Analysis tool to enter total hours for each day.
    1. Select cells B8:H11. Click cell B8, hold down the left mouse button, and drag the mouse to cell H11.
    2. Release the mouse button. The cell range B8 through H11 should now appear selected.
    3. Click the AutoSum button on the Home tab, in the Editing group.
    4. The totals for each column are inserted in row 12 cells.
  11. Format the hours billed section to use the Comma Style number format. Be sure to include the total row.
    1. Select cells B8:H12. Try another method: Click cell B8, press and hold Shift, click cell H12, and release the Shift key.
    2. On the Home tab, in the Number group, click the Comma Style button.
  12. Enter a formula in cell B14 to calculate the daily bill for Monday, August 5. The formula should calculate the total billable hours for the day (cell B12) times the billable rate (B4).
    1. Click cell B14.
    2. Type: =
    3. Click cell B12.
    4. Type: *
    5. Click cell B4.
    6. Press Command + T to change the cell reference B4 to an absolute reference ($B$4).
    7. Press Enter.
    8. The formula should look like this: =B12*$B$4
  13. Use AutoFill to copy the formula to the remaining days in the timesheet.
    1. Click cell B14 again.
    2. Click the AutoFill handle. Hold down the left mouse button and drag to cell H14. Release the mouse button.
    3. The formulas in cells B14 through H14 should look like this.
      Table EX 1.4 displays the relative and absolute references for the remaining days in the timesheet.BCDEFGH14=B12*$B$4=C12*$B$4=D12*$B$4=E12*$B$4=F12*$B$4=G12*$B$4=H12*$B$4Notice that when the AutoFill copied the formula, it updated the relative reference (B12) to reflect the new column position, but it did not change the absolute reference ($B$4).
  14. Now you can calculate the bill total for the week by summing the daily bill amounts. Enter a formula using the SUM function with the cell range B14:H14 as the argument.
    1. Click cell B15.
    2. Type: =SUM(B14:H14)
    3. Press Enter.
  15. Use the Recommended Charts feature to insert a stacked column chart representing hours worked for each day for the week of August 5.
    1. Select cells A7:H11. Click cell A7, hold down the left mouse button, and drag the mouse to cell H11. Release the mouse button. The cell range A7 through H11 should now appear selected.
    2. Click the Recommended Charts button on the Insert tab in the Charts group.
    3. Scroll down through all the different chart choices.
    4. Click Stacked Column to insert a stacked column chart.
  16. Change the chart title.
    1. Click the Chart Title placeholder once to select it.
    2. In the formula bar, type: Week of 8/5/2019
    3. Press Enter.
  17. Preview how the worksheet will look when printed.
    1. Click cell A1 to deselect the chart.
    2. Click File on the Excel menu.
    3. Click Print... to display the print preview.
    4. Click Cancel to close the Print dialog.
  18. Save and close the workbook.
  19. Upload and save your project file.
  20. Submit project for grading.
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