Please assist with the example provided and use formulas on excel as I am having trouble understanding/completing

Objectives: 1. Use budgets to assist with financial planning and goal setting. 2. Create a practical Excel template for personal budgeting. Instructions: 1. Prepare a Personal Budget for 5 years (see notes) using a single excel workbook containing three worksheets (Cash-In, Cash-Out, Budget) - See personal budget sample attached here (this is in PDF form, you will create and submit in Excel). 1. Cash-In: Identify your source of income on a monthly basis. Provide detailed calculations to support your cash receipts. Provide notes to help explain your assumptions. 1. You can add additional sources of income for investments, savings, etc. 2. Cash-Out: Identify all of your cash outlays on a monthly basis. Group them by major category (Food, Rent/Mortgage, Automotive, etc.) and show the detail. 1. For example, under the category of Rent/Mortgage you might include line items for rent, utilities, cable and internet. Provide notes to explain your assumptions. 3. Budget: Prepare a 5-Year Cash Budget that summarizes your sources of cash, uses of cash by major category, and net change in cash (surplus/deficit) for the year. Include a cumulative surplus or debt for each of the 5 years. 1. The escalations assume your costs will go up by a certain percentage each year (your salary and costs will likely increase over time) Notes: 1. You can budget for the next 5 years OR make a budget for whenever you complete your schooling 2. You can make a budget for yourself OR for your family 3. Add notes on the bottom of the first tab with your assumptions (see example D) 4. You do not need to use the exact same categories as seen in the sample - customize for yourself/family 5. For this exercise, assume your combined tax rate is 21% of your gross earnings (or adjust for your own personal tax bracket). 6. Submit your completed budget in EXCEL FORMAT in Canvas 1. The formatting does not need to be perfect, but please use formulas learned in this class to calculate Bentley Curtis ACCT202 - Extra Credit Uses of Cash Monthly Notes Category Food Groceries Starbucks Dine-out Total 250 40 120 Friday night out to dinner 4 per month) 410 Rent and Related Rent Utilities Internet & Streaming Total 1,200 Share with 1 roommate 70 80 Internet package, Netflix, and Hulu 1,350 Automobile Gas Car Insurance Maintenance Car Payment Total 180 95 80 Average over 12 months 180 Monthly car loan payment 535 Health & Wellness Health Insurance Medical Dental) Gym Membership Total 125 Deducted from paycheck - subject to change 40 Monthly 24 hour fitness membership 165 50 Personal Clothing Cell Phone Miscellaneous Total 60 Personal cell phone plan 40 150 Entertainment Movies Other Total 40 50 90 Other Charitable Giving School Loan Payments Total 200 80 280 Total Cash Out - Monthly Total Cash Out - Annually 2,980 35,760 Total 12 months Bentley Curtis ACCT202 - Extra Credit Personal Budget - 5 Year Escalation Year 1 Year 2 Year 3 Year 4 Year 5 Sources of Cash: Employment Subtotal Cash-In 38,600 38,600 40,575 40,575 42,649 42,649 44,826 44,826 47,112 47,112 Uses of Cash: Food Rent and Related Automobile Health & Wellness Personal Entertainment Other Subtotal Cash-Out 2% 4% 3% 3% 4% 5% 2% 4,920 16,200 6,420 1,980 1,800 1,080 3,360 35,760 5,018 16,848 6,613 2,039 1,872 1,134 3,427 36,952 5,119 17,522 6,811 2,101 1,947 1,191 3,496 38,186 5,221 18,223 7,015 2,164 2,025 1,250 3,566 39,463 5,326 18,952 7,226 2,229 2,106 1,313 3,637 40,787 Cash Surplus (Debt) 2,840 3,623 4,463 5,363 6,325 Cumulative Savings (Debt) 2,840 6,463 10,927 16,289 22,615 Bentley Curtis ACCT202 - Extra Credit Uses of Cash Monthly Notes Category Food Groceries Starbucks Dine-out Total 250 40 120 Friday night out to dinner 4 per month) 410 Rent and Related Rent Utilities Internet & Streaming Total 1,200 Share with 1 roommate 70 80 Internet package, Netflix, and Hulu 1,350 Automobile Gas Car Insurance Maintenance Car Payment Total 180 95 80 Average over 12 months 180 Monthly car loan payment 535 Health & Wellness Health Insurance Medical Dental) Gym Membership Total 125 Deducted from paycheck - subject to change 40 Monthly 24 hour fitness membership 165 50 Personal Clothing Cell Phone Miscellaneous Total 60 Personal cell phone plan 40 150 Entertainment Movies Other Total 40 50 90 Other Charitable Giving School Loan Payments Total 200 80 280 Total Cash Out - Monthly Total Cash Out - Annually 2,980 35,760 Total 12 months Objectives: 1. Use budgets to assist with financial planning and goal setting. 2. Create a practical Excel template for personal budgeting. Instructions: 1. Prepare a Personal Budget for 5 years (see notes) using a single excel workbook containing three worksheets (Cash-In, Cash-Out, Budget) - See personal budget sample attached here (this is in PDF form, you will create and submit in Excel). 1. Cash-In: Identify your source of income on a monthly basis. Provide detailed calculations to support your cash receipts. Provide notes to help explain your assumptions. 1. You can add additional sources of income for investments, savings, etc. 2. Cash-Out: Identify all of your cash outlays on a monthly basis. Group them by major category (Food, Rent/Mortgage, Automotive, etc.) and show the detail. 1. For example, under the category of Rent/Mortgage you might include line items for rent, utilities, cable and internet. Provide notes to explain your assumptions. 3. Budget: Prepare a 5-Year Cash Budget that summarizes your sources of cash, uses of cash by major category, and net change in cash (surplus/deficit) for the year. Include a cumulative surplus or debt for each of the 5 years. 1. The escalations assume your costs will go up by a certain percentage each year (your salary and costs will likely increase over time) Notes: 1. You can budget for the next 5 years OR make a budget for whenever you complete your schooling 2. You can make a budget for yourself OR for your family 3. Add notes on the bottom of the first tab with your assumptions (see example D) 4. You do not need to use the exact same categories as seen in the sample - customize for yourself/family 5. For this exercise, assume your combined tax rate is 21% of your gross earnings (or adjust for your own personal tax bracket). 6. Submit your completed budget in EXCEL FORMAT in Canvas 1. The formatting does not need to be perfect, but please use formulas learned in this class to calculate Bentley Curtis ACCT202 - Extra Credit Uses of Cash Monthly Notes Category Food Groceries Starbucks Dine-out Total 250 40 120 Friday night out to dinner 4 per month) 410 Rent and Related Rent Utilities Internet & Streaming Total 1,200 Share with 1 roommate 70 80 Internet package, Netflix, and Hulu 1,350 Automobile Gas Car Insurance Maintenance Car Payment Total 180 95 80 Average over 12 months 180 Monthly car loan payment 535 Health & Wellness Health Insurance Medical Dental) Gym Membership Total 125 Deducted from paycheck - subject to change 40 Monthly 24 hour fitness membership 165 50 Personal Clothing Cell Phone Miscellaneous Total 60 Personal cell phone plan 40 150 Entertainment Movies Other Total 40 50 90 Other Charitable Giving School Loan Payments Total 200 80 280 Total Cash Out - Monthly Total Cash Out - Annually 2,980 35,760 Total 12 months Bentley Curtis ACCT202 - Extra Credit Personal Budget - 5 Year Escalation Year 1 Year 2 Year 3 Year 4 Year 5 Sources of Cash: Employment Subtotal Cash-In 38,600 38,600 40,575 40,575 42,649 42,649 44,826 44,826 47,112 47,112 Uses of Cash: Food Rent and Related Automobile Health & Wellness Personal Entertainment Other Subtotal Cash-Out 2% 4% 3% 3% 4% 5% 2% 4,920 16,200 6,420 1,980 1,800 1,080 3,360 35,760 5,018 16,848 6,613 2,039 1,872 1,134 3,427 36,952 5,119 17,522 6,811 2,101 1,947 1,191 3,496 38,186 5,221 18,223 7,015 2,164 2,025 1,250 3,566 39,463 5,326 18,952 7,226 2,229 2,106 1,313 3,637 40,787 Cash Surplus (Debt) 2,840 3,623 4,463 5,363 6,325 Cumulative Savings (Debt) 2,840 6,463 10,927 16,289 22,615 Bentley Curtis ACCT202 - Extra Credit Uses of Cash Monthly Notes Category Food Groceries Starbucks Dine-out Total 250 40 120 Friday night out to dinner 4 per month) 410 Rent and Related Rent Utilities Internet & Streaming Total 1,200 Share with 1 roommate 70 80 Internet package, Netflix, and Hulu 1,350 Automobile Gas Car Insurance Maintenance Car Payment Total 180 95 80 Average over 12 months 180 Monthly car loan payment 535 Health & Wellness Health Insurance Medical Dental) Gym Membership Total 125 Deducted from paycheck - subject to change 40 Monthly 24 hour fitness membership 165 50 Personal Clothing Cell Phone Miscellaneous Total 60 Personal cell phone plan 40 150 Entertainment Movies Other Total 40 50 90 Other Charitable Giving School Loan Payments Total 200 80 280 Total Cash Out - Monthly Total Cash Out - Annually 2,980 35,760 Total 12 months