Team Project Instructions
Objective: Demonstrate knowledge of accounting and business by analyzing a case and applying the accounting concepts you have learned to date. Improve ability to work with a tea. . This project requires you to primarily apply Chapter 9 materials and complete the master budgets using Excel. Additionally, you will perform some basic target profit analysis.
Project Submission
When you have completed your file, please submit it in the following format:
1. Upload the Excel file to Canvas by 10:30 am, November 30th. Only one file needs to be uploaded. Please make sure all of your names are printed in the file. Late submissions will not be accepted. Peer evaluations will also be due at the beginning of class on November 30th.
2. You must use formulas and functions in your file such that when an input (for instance, sales volume) is changed, all of the worksheets generate new outputs. You will lose 1 to 5 points for any functional deficiencies, depending on the severity of deficiencies.
3. The assignment is worth a total 40 points and is a team project. Non-participating team group members and those who do not perform their “fair share” of the work will receive a reduced project grade. It is even possible for an individual to receive a score of zero on the assignment. Each of you has the right to expect the other members of your Team to participate fully in the completion of the assigned project. The other members of your Team will evaluate your contribution. I will post evaluation forms for all to complete at a later time.
4. The worksheets must be in the order as specified, or points will be deducted.
Other information
1. You have been exposed to Excel. You should already know how to link worksheets and enter cell formulas. Since all budgets are based on sales estimates, all worksheets should be linked to sales estimates. If sales estimate changes, all the other worksheets should automatically adjust to the changes. The shirts purchase, direct labor, and manufacturing overhead costs will change, etc. The cells on Cash Budget and budgeted Income Statement and budgeted Balance Sheet, while may not be directly linked to sales estimates, should be linked to the cells in other worksheets as well.
2. Academic integrity: Each group is expected to input your own data, develop your own spreadsheet formulas, and set up your own worksheets within your file. You MUST NOT use someone else’s file or share a file. You have great flexibility in how you set up your spreadsheets. It is extremely unlikely that the many choices you make in developing your worksheets will be identical or even close to those of other students. I will check for evidence of shared files. If academic dishonesty is found, no credit will be granted.
3. While you are welcome to obtain help with this project during office hours, I will
NOT review your file via email before the submission deadline.
4. Check figures: the total manufacturing overhead is $209,359; the ending cash balance is $40,705; operating income is $210,395.
SCREEN THREADS
After graduating from Southwestern University in College Town, USA with a degree in business, Luke realized that he wanted to remain in College Town. After a number of unsuccessful attempts at getting a job in his discipline, Luke decided to go into business for himself. In thinking about his business venture, Luke determined that he had four criteria for the new business.
• First, he wanted to do something that he would enjoy.
• Second, he wanted a business that would give back to the community.
• Third, he wanted a business that would grow and be more successful every year.
• Fourth, realizing that he was going to have to work very hard, Luke wanted a business that would generate a minimum operating income of $225,000 annually.
While reflecting on the criteria he had outlined, Luke, who had been president of his fraternity and served as an officer in several other student organizations, realized that there was no place in College Town to have custom sweatshirts made using a silk- screen process. When student organizations wanted sweatshirts for their members or to market on campus, the officers had to make a trip to a city 100 miles away to visit “Shirts and More.” Luke had worked as a part-time employee at Shirts and More while he was in high school and had envisioned owning such a shop. He realized that a sweatshirt shop in College Town had the potential to meet all four criteria he had set.
Luke set up an appointment with Abbie, the owner of Shirts and More, to obtain information useful in getting his shop started. Because Abbie liked Luke and was intrigued by his entrepreneurial spirit, she answered many of Luke’s questions.
In addition, Abbie provided information concerning the type of equipment Luke would need for his business and the average useful life. Abbie knows a competitor who is retiring and would like to sell his equipment. Luke can purchase the equipment at the beginning of 2023 and the owner is willing to give him terms of 50% due upon purchase and 25% due the quarter following the purchase, and 25% due the second quarter following the purchase. Luke will purchase the following equipment January 1, 2023:
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