Business Finance Homework Help

n this project, you will correct function mistakes and other formula errors in a workbook designed for planning a large party or event. Be sure to save your work often! 

Skills needed to complete this project: 

• Checking Formulas for Errors (Skill 3.18)
• Finding Errors Using Trace Precedents and Trace Dependents (Skill 3.19) 
• Displaying and Printing Formulas (Skill 3.20)
• Creating Formulas Using Counting Functions (Skill 3.6)
• Finding Minimum and Maximum Values (Skill 3.4)
• Formatting Text Using Functions (Skill 3.7)
• Using CONCAT to Combine Text (Skill 3.8)
• Finding Data Using the VLOOKUP Function (Skill 3.17)
• Using the Function Arguments Dialog to Enter Functions (Skill 3.1) 
• Using Formula AutoComplete to Enter Functions (Skill 3.2)
• Calculating Averages (Skill 3.3)
• Naming Ranges of Cells (Skill 3.11)
• Working with Named Ranges (Skill 3.12)
• Updating Named Ranges with the Name Manager (Skill 3.13)
• Editing and Deleting Names with the Name Manager (Skill 3.14) 
• Using Date and Time Functions (Skill 3.5)
• Using the Logical Function IF (Skill 3.15)
• Creating Formulas Referencing Data from Other Worksheets (Skill 3.10) 
• Calculating Loan Payments Using the PMT Function (Skill 3.16) 

1. Open the start file EX2019-FixIt-3-6. The file will be renamed automatically to include your name. Change the project 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. 
3. On the GuestList sheet, check all the formulas. Cells to check are filled with the light purple color. Most of them need to be corrected. Use error checking as needed and/or display the formulas on-screen for easy viewing. 
   1. In the Name Tag column, modify the formula to display the guest name in this format: BILL SMITH Hint: There are multiple errors in this formula. Fix the formula in cell D10 and then copy it to the other cells in the column. 
   2. Correct the function used in cell A3 to calculate the sum of the values in the NumAttending column. 
   3. Correct the function used in cell A4 to count the number of values in the Street column.
   4. Correct the function used in cell A5 to count the number of blank cells in the NumAttending column.
   5. Correct the function used in cell A6 to display the largest value in the NumAttending column.
   6. Correct the function used in cell A7 to display the average value in the NumAttending column.
4. On the Shopping List sheet, check all the formulas. Cells to check are filled with the light purple color. Most of them need to be corrected. Many of the problems on this worksheet can be solved by creating named ranges or using a name that already exists.
   1. The formula in cell B2 uses the wrong function. 
   2. The formulas in cells A9:A23 reference a named range that doesn’t exist. There is more than one correct way to fix this problem using the cell range A5:H18 on the Places to Shop worksheet. You can create the named range referenced in the formulas, or you can change the function arguments to reference the cell range instead. 
   3. The formula in cell H9 results in the correct value. However, the workbook author copied this formula to the remaining cells in the column and those values are definitely not correct! Fix the formula in cell H9 and copy it to cells H10:H23. Hint: Notice that cell H8 is named Tax. 
5. If you’ve fixed the formulas in cells H9:H23 correctly, the formulas in cells I9:I23 and G5 should calculate properly now. However, the formulas in cells G2:G4 still have errors that need to be fixed. Hint: Use error checking as needed and/or display the formulas on-screen for easy viewing. 
   1. Correct the function used in cell G2 to average value of the Cost column. 
   2. Correct the function used in cell G3 to display the largest value in the Cost column. 
   3. Correct the function used in cell G4 to display the smallest value in the Cost column. 
6. On the Summary sheet, you will be entering all the formulas. Cells to complete are filled with the light purple color. Hint: Use error checking as needed and/or display the formulas on-screen for easy viewing. 
   1. Cell B2 should use a function that will update the date to the current date every time the workbook is opened. 
   2. Cell B4 references a named range that doesn’t exist. It should reference cell A4 on the Guest List sheet. You can create the named range or edit the formula to reference the cell instead. 
   3. Cell B5 references a named range that doesn’t exist. It should reference cell A3 on the Guest List sheet. You can create the named range or edit the formula to reference the cell instead. 
   4. Cell B8 is missing the formula to calculate whether or not the total Cost with tax on the Shopping List sheet + the total Costfor purchasing and mailing invitations on the Guest List sheet is greater than the available cash. The cell should display yes orno. 
   5. Add a formula to cell B9 to calculate the amount to borrow (total Cost with tax on the Shopping List sheet + the total Cost for purchasing and mailing invitations on the Guest List sheet – the cash available) if the value in cell B8 is yes. If the value in cell B8 is not yes, the cell should display 0. 
   6. Add a formula to cell B12 to calculate the monthly loan payment based on the information in cells B9:B11. Use a negative number for the Pv argument.