Instructions

Create a 4 month (June through September) budget for a farm. Please use the following assumptions in your template:

Receipts from sales of products will grow 6% per month. Other income will remain flat at $2,000 per month.

Fertilizer expense will increase by $300 per month.

Seeds and plants will grow by $200 per month except for September when the amount will be zero ($0).

Utilities will increase by $200 per month.

All other expenses will stay fixed (the same each month) through the budget period.

Please put a Title in row 1 (Farm Budget June through September 2016) at the top of the template in Times New Roman, 18 pt, Bold. Center it across the budget.

In the second row of the template, put the date prepared. Label it as follows (assuming the budget was prepared on 2/10/18): Prepared on February 10, 2018. Please format the date as a date (as opposed to text). The date should be entered in its own cell and formatted using the Excel Format Cells Number Date command.

Be sure to use this format for the budget (you can copy and paste this into Excel from this document (found in myCourses). That will save you some time.

	June	July	Aug	Sep
Receipts
Sale of products
Other income
Expenses
Car and truck expense
Chemicals
Depreciation
Feed purchased
Fertilizers
Freight and trucking
Gasoline and fuels
Insurance
Labor
Rent or lease of vehicles
Rent or lease other
Repairs and maintenance
Seeds and plants
Storage and warehousing
Supplies purchased
Taxes
Utilities
Veterinary

Total the receipts and expenses for each month and show totals for the period using the Excel SUM function.

Show the net income for each month and the total net income for the period using Excel formulas.

Below the budget in your worksheet, calculate the following using the Excel AVERAGE function:

Average total monthly receipts. Use the AVERAGE function.

Average total monthly expenses. Use the Average function.

Average monthly net income. ((month 1+month2+minth 3+month 4)/4). Use the AVERAGE function.

After you finish the budget. Audit your work to make sure there are no errors. Please include in the second page of the workbook the steps you took (create a checklist) to assure that your worksheet is correct. Some ideas print the worksheet and make sure it fits on one page. Double check all the assumptions, recalculate the totals by hand using a calculator, spell check it, etc. etc. I want to see the steps you took to make sure that this worksheet is a dynamic and accurate calculator and that all the stipulations and assumptions of this assignment have been followed.

Below, see the receipts and expenses that are the starting point of this budget exercise.

	June
Receipts
Sale of products	16,000
Other income	2,000
Expenses
Car and truck expense	500
Chemicals	100
Depreciation	1,000
Feed purchased	1,000
Fertilizers	400
Freight and trucking	600
Gasoline and fuels	700
Insurance	600
Labor	4,000
Rent or lease of vehicles	1,000
Rent or lease other	1,000
Repairs and maintenance	300
Seeds and plants	400
Storage and warehousing	700
Supplies purchased	800
Taxes	900
Utilities	750
Veterinary	700