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Instructions for the Microsoft Excel Templates
This workbook (and only this workbook) should be submitted for grading.
Assignment detail and information is contained within this workbook.
You should enter your name into the cell at the top of the page.
Each worksheet contains the identification of the problem or exercise.
In general, the yellow highlighted cells are the cells which work and effort should be presented.
Insert lines if needed.
All formatting should have been accomplished to provide satisfactory presentation. See the text for
additional assistance in formatting.
Place the proper account title in the cell where the word "Account title" appears on the template.
Place the value in the cell where the word "Value" or "Amount" appears on the template. A formula may b
placed in some of these cells.
Write a formula into cells where the word "Formula" appears.
Place the explanation for the entry in the cell where the word "Text Explanation" appears on the template
The print area is defined to fit onto 8 1/2" X 11" sheets in portrait or landscape mode as required.
The problem is formatted for whole dollars with comma separations (no cents) except where required.
Negative values may be shown as ($400) or -$400.
Consider using "Split" panes to assist in copy and paste of data.
Much of the exercises and problems can have data entered by the "look to" or "=A34" type formula where
cell A34 contains the data to be entered. This precludes typing and data entry errors.
Team #:
Exercise:
W5-T1 Warranties and Premiums (Chapter 13)
Garrett's Music Store carries a wide variety of musical instruments, sound
reproduction equipment, recorded music, and sheet music. Garrett uses two
sales promotion techniques -- warranties and premiums -- to attract customers.
Musical instruments and sounds equipment are sold with a one-year warranty
for replacement of parts and labor. The estimated warranty cost, based on past
experience, is
2% of sales.
The premium is offered on the recorded and sheet music. Customers receive a
coupon for each dollar spent on recorded music or sheet music. Customer may
exchange
200 coupons and
$20 for a digital MP3
player. Garrett pays
$32 for each player and estimates that
60% of the coupons given to customers will be redeemed.
Garrett's total sales for 2014 were
$7,200,000 $5,700,000 from
musical instruments and sounds reproduction equipment and
$1,500,000 from
recorded music and sheet music. Replacement parts and labor for warranty work
totaled
$164,000 during 2014. A total of
6,500 players
used in the premium program were purchased during the year and there were
1,200,000 coupons redeemed in 2014.
The accrual method is used by Garrett to account for the warranty and premium
costs for financial reporting purposes. The balances in the accounts related to
warranties and premiums on January 1, 2014, were as shown below:
Inventory of Premiums
$37,600
Premium Liability
Instructions for the Microsoft Excel Templates
This workbook (and only this workbook) should be submitted for grading.
Assignment detail and information is contained within this workbook.
You should enter your name into the cell at the top of the page.
Each worksheet contains the identification of the problem or exercise.
In general, the yellow highlighted cells are the cells which work and effort should be presented.
Insert lines if needed.
All formatting should have been accomplished to provide satisfactory presentation. See the text for
additional assistance in formatting.
Place the proper account title in the cell where the word "Account title" appears on the template.
Place the value in the cell where the word "Value" or "Amount" appears on the template. A formula may b
placed in some of these cells.
Write a formula into cells where the word "Formula" appears.
Place the explanation for the entry in the cell where the word "Text Explanation" appears on the template
The print area is defined to fit onto 8 1/2" X 11" sheets in portrait or landscape mode as required.
The problem is formatted for whole dollars with comma separations (no cents) except where required.
Negative values may be shown as ($400) or -$400.
Consider using "Split" panes to assist in copy and paste of data.
Much of the exercises and problems can have data entered by the "look to" or "=A34" type formula where
cell A34 contains the data to be entered. This precludes typing and data entry errors.
Team #:
Exercise:
W5-T1 Warranties and Premiums (Chapter 13)
Garrett's Music Store carries a wide variety of musical instruments, sound
reproduction equipment, recorded music, and sheet music. Garrett uses two
sales promotion techniques -- warranties and premiums -- to attract customers.
Musical instruments and sounds equipment are sold with a one-year warranty
for replacement of parts and labor. The estimated warranty cost, based on past
experience, is
2% of sales.
The premium is offered on the recorded and sheet music. Customers receive a
coupon for each dollar spent on recorded music or sheet music. Customer may
exchange
200 coupons and
$20 for a digital MP3
player. Garrett pays
$32 for each player and estimates that
60% of the coupons given to customers will be redeemed.
Garrett's total sales for 2014 were
$7,200,000 $5,700,000 from
musical instruments and sounds reproduction equipment and
$1,500,000 from
recorded music and sheet music. Replacement parts and labor for warranty work
totaled
$164,000 during 2014. A total of
6,500 players
used in the premium program were purchased during the year and there were
1,200,000 coupons redeemed in 2014.
The accrual method is used by Garrett to account for the warranty and premium
costs for financial reporting purposes. The balances in the accounts related to
warranties and premiums on January 1, 2014, were as shown below:
Inventory of Premiums
$37,600
Premium Liability
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