Exp22_Excel_Ch07_HOE_Salaries

Step

Instructions

Points Possible

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Start Excel. Download and open the file named Exp22_Excel_Ch07_HOE_Salary.xlsx. Grader has automatically added your last name to the beginning of the filename.

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Your first task is to extract the year hired from the hire date for each employee.

In cell F7 of the 1-Date Logic worksheet, insert the YEAR function to identify the year from the date stored in cell E7. Use the fill handle to copy the function from cell F7 to the range F8:23 using the Fill Without Formatting option.

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Your next task is to calculate how long each manager and representative has worked for the company.

In cell G7, insert the YEARFRAC function using the Hire Date and Last Day of the Year. Use relative and mixed references correctly. Use the fill handle to copy the function in cell G7 to the range G8:G23 using the Fill Without Formatting option.

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You want to identify which day of the week each employee was hired. To do this, you will insert a WEEKDAY function to return an integer representing the weekday.

In cell H7, insert the WEEKDAY function using the Hire Date. Copy the function from cell H7 and paste to the range H8:H23 using the No Borders paste option.

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You will use a custom number format to display the result as a weekday instead of an integer.

Select the range H7:H23, apply the custom number format dddd, and apply left horizontal alignment.

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Column B contains the city location for each account rep and manager. However, you also want to display the regions. Atlanta is in the South, Boston is in the Northeast, and Chicago and Cleveland are both in the Midwest. You will use the SWITCH function to identify which region each city is in.

In cell C7, insert the SWITCH function to identify the city in cell B7. Switch Atlanta for South (cell C2), switch Boston for Northeast (cell C4),  switch Chicago for Midwest (cell C3), switch Cleveland for Midwest (cell C3). Insert city names as text strings, and use mixed references to the cells containing the regions. Copy the function from cell C7 and paste to the range C8:C23 using the paste Formulas option.

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Your next task is to calculate the annual bonus amount for each employee. The company uses a tiered bonus system that awards a specific percentage of salary based on hire date.

In cell J7, insert the IFS function to test if the Hire Date is before 1/1/2013. If so, the bonus is 8% of the salary. If the Hire Date is before 1/1/2018, the bonus is 4% of the salary. If the Hire Date is before 1/1/2023, the bonus is 2% of the salary. If none of the conditions are met, the bonus is 0. Use mixed references to the dates in the range J2:J4 and bonus percentages in the range K2:K4. Copy the function from cell J7 and paste it in the range J8:J23 using the paste Formulas option.

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The HR director recommends that the company pay managers at least $80,000.

In cell K7, insert an AND function that evaluates if the the Title is Manager and if the Salary is less than $98,000. Insert the title as a text string and use a mixed reference to the $98,000 in cell G3. Nest the AND function as the logical test within an IF function. If the results of the AND function are true, display the text Due for raise. If the results are false, display the text N/A. Use the fill handle to copy the function to the range K8:K23 using the Fill Without Formatting option.

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You want to calculate the number of employees in each state. You set up a worksheet with a summary section to calculate statistics by states, indicated by the state abbreviations.

Display the 2-Stats Map worksheet. In cell J3, insert the COUNTIF function to count the number of state abbreviations in the State column that match the state abbreviation in cell I3. Use mixed references to the range and relative reference to the criteria state abbreviation. Copy the function from cell J3 to the range J4:J6.

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Next, you want to calculate the total payroll by summing employee salaries in each state.

In cell K3, insert the SUMIF function to total the Salary column if the State column meets the state abbreviation criteria in cell I3. Use mixed and relative references correctly. Copy the function from cell K3 to the range K4:K6.

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You now want to focus on average salaries by job title. You will calculate the average account rep salary and the average manager salary.

In cell J9, insert the AVERAGEIF function to calculate the average salary if the Title column meets the title criteria in cell H9. Use mixed and relative references correctly. Copy the function from cell J9 to cell J10.

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Now you want to focus on the summarizing data for Account Reps hired before 1/1/2018. Specifically, you want to calculate the total number of Account Reps.

In cell J13, insert the COUNTIFS function to calculate the number of Account Reps (cell H9) in the Title column where the date in the Hire Date column was before 1/1/2018. Use relative references for the two criteria range arguments and the title criteria argument in cell H9. Type the date comparison for the second criteria argument.

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The next step is to calculate the total salary for Account Reps hired before 1/1/2018. You will use mixed references so that you can later copy the function and change the function name for other calculations.

In cell J14, insert the SUMIFS function to calculate the total amount in the Salary column where the Title contains the job title criteria Account Rep (cell H9) and where the date in the Hire Date column was before 1/1/2018. Use relative references for the sum_range argument, the two criteria range arguments, and the title criteria in cell H9. Type the date comparison for the second criteria argument.

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Copy the function from cell J14 to cell J15. In cell J15, change the function name to AVERAGEIFS. If the original function was created correctly with mixed and relative cell references, the modified function should calculate the average salary for Account Reps hired before 1/1/2018.

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Copy the function from cell J15 to cell J16. In cell J16, change the function name to MAXIFS. If the original function was created correctly with mixed and relative cell references, the modified function should calculate the highest salary for Account Reps hired before 1/1/2018.

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Copy the function from cell J16 to cell J17. In cell J17, change the function name to MINIFS. If the original function was created correctly with mixed and relative cell references, the modified function should calculate the lowest salary for Account Reps hired before 1/1/2018.

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You want to insert a map to indicate the total payroll by state.

Select the ranges I2:I6 and K2:K6 and insert a filled map. Cut the map and paste it in cell M1.

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Change the map title to Payroll by State.

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You want to customize the map.

Display the Format Data Series task pane and display map labels in the Best fit only position. Apply the Diverging (3-color) series color. Change the minimum lowest value fill color to Orange. Change the maximum highest value fill color to Dark Red. Close the task pane.

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The location managers want new company cars. The chief financial officer has determined that the company can afford $600 monthly payments based on a 5.25% APR for three-year loans. Your first step is to calculate the loan.

Display the 3-Finance worksheet. In cell E2, insert the PV function using the periodic rate, the number of payment periods, and a negative value for the monthly payment.

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Next, you want to enter formulas that will calculate the beginning balance.

In cell B8, enter a reference to cell E2. In cell B9, enter a reference to cell F8. Copy the formula from cell B9 to the range B10:B43. (The results will be correct after all other formulas and columns are completed.)

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In cell C8, enter a mixed reference to B2. Copy the formula to the range C9:C43. The results should be 600 for all formula results.

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The next column is designed to calculate the interest amount per payment.

In cell D8, insert the IPMT function using the periodic rate, the current payment number in the first column, the number of payments, and loan. Use relative and mixed references correctly. Make sure the result is a positive value. Copy the function to the range D9:D43.

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Column E is to display the portion of the payment that goes toward paying down the principal.

In cell E8, insert the PPMT function using the same arguments that you used for the IMPT function. Copy the function to the range E9:E43.

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You are now ready to calculate the ending balance after each payment. After you complete this step, the amortization table should display complete results.

In cell F8, enter a formula that subtracts the principal payment from the beginning balance. Copy the formula to the range F9:F43.

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You are ready to format the amortization table.

Format the range B8:F8 with Accounting Number Format. Format the range B9:F43 with Comma Style.

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Format the range C44:E44 with the Total cell style.

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You decide to include a column to show the cumulative interest after each payment.

In cell H8, insert the CUMIPMT function  using the periodic rate, number of payments, loan, first payment number as start period, first payment number as end period, and 0 as the Type argument. Use mixed references for all cell references except the end_period argument, which should be a relative reference. Edit the function to display a positive result. Copy the function to the range H9:H43.

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Finally, you want to calculate cumulative principal after each payment.

In cell I8, insert the CUMPRINC function using the same arguments that you used for the CUMIPMT function. Copy the function to the range I9:I43.

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Save and close Exp22_Excel_Ch07_HOE_Salary.xlsx. Exit Excel. Submit the file as directed.

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Total Points

100