OBJECTIVE
STUDENTS WILL IDENTIFY DEFINE ASSETS AND LIABILITIES BY CREATING A PERSONAL BALANCE SHEET
DO NOW DISCUSSION WHITE BOARD
IMPORTANT VOCABULARY:
ACTIVITY 1: Read through the following scenarios. Identify all the assets and liabilities.
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Activity 2: Excel
Follow the steps below to create your Personal Balance Sheet. Once you are done FLIP IT and help someone near you.
Preparing a Personal Balance Sheet
Amy Beck was a high school student in the 90's who needed to prepare a personal balance sheet to provide a picture of her financial position. Work along with this example of her balance sheet to create your own. REPLACE HER NAME WITH YOURS + HER ASSETS AND LIABILITIES WITH YOUR OWN
Open Excel to a new worksheet
Amy has made a list of what she owns and owes. Its your turn to make a list of your own. If you do not have enough items you can use some of hers. FOR EXAMPLE: Swap out the CD PLAYER for your SMART PHONE. Add your valuables as an ASSETS
Amy Beck was a high school student in the 90's who needed to prepare a personal balance sheet to provide a picture of her financial position. Work along with this example of her balance sheet to create your own. REPLACE HER NAME WITH YOURS + HER ASSETS AND LIABILITIES WITH YOUR OWN
Open Excel to a new worksheet
Amy has made a list of what she owns and owes. Its your turn to make a list of your own. If you do not have enough items you can use some of hers. FOR EXAMPLE: Swap out the CD PLAYER for your SMART PHONE. Add your valuables as an ASSETS
- Type the labels shown below into the cell locations indicated.
- Click in the cell where you want to enter data
- Type the data and then press enter or Tab
- if you make a mistake as you type, press the backspace key
- if you notice a mistake after pressing the enter key, go back to the cell and re-type the label
Amy has estimated the original values of her possessions. These amounts, along with her liability figures are shown below.
- Enter the values of your assets.
- Be sure to enter the information into the correct cells. For example, the first asset amount (for Cash) is 340. It must be entered as C6
Cell Contents
As you typed in labels and values, they were shown in a section above the grid called the formula bar. When you press the Enter key, the label or value is accepted and entered into the spreadsheet. The formula bar shows the contents of the cell that is currently selected. When you start using formulas, the cell contents may differ from what is shown in the formula bar.
You may have noticed that some of your columns are not the correct width for your labels. You can resize the columns and rows using the mouse.
You can change the way your spreadsheet looks by using the Formatting shortcut buttons, which are similar to the ones in word. You can also use the Format/Cells menu to make changes to the appearance of the contents of the cells and the cells themselves.
a) We are going to change the title, so it is centered at the top of the spreadsheet
As you typed in labels and values, they were shown in a section above the grid called the formula bar. When you press the Enter key, the label or value is accepted and entered into the spreadsheet. The formula bar shows the contents of the cell that is currently selected. When you start using formulas, the cell contents may differ from what is shown in the formula bar.
- Move the cursor to cell C2
- notice that the label "Balance Sheet" is shown in both the formula bar and the worksheet area.
You may have noticed that some of your columns are not the correct width for your labels. You can resize the columns and rows using the mouse.
- Position the pointer on the right border of between column A and B (at the top of the spredsheet)
- Drag the column border until it is wide enough
- Repeat this procedure for column D
- Position the pointer on the border between rows 15 and 16 (at the very left side of the spreadsheet)
- Drag the row border until row 15 is taller
You can change the way your spreadsheet looks by using the Formatting shortcut buttons, which are similar to the ones in word. You can also use the Format/Cells menu to make changes to the appearance of the contents of the cells and the cells themselves.
a) We are going to change the title, so it is centered at the top of the spreadsheet
- Highlight the cells with the Balance Sheet title written in them (C1, C2 and C3) and choose Edit/Cut
- Move the cursor to cell A1 and choose Edit/paste
- Now select cells A1 to F3
- click in cell A1 and drag across to F3
- Choose Format/Cells and click on the Alignment tab
- Under horizontal alignment, choose "center across selection" and press ok
b) Now we will change the appearance of our cell contents.
c) Now we will change the appearance of the cells, so that the borders are visible
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SAVE YOUR WORK: SAVE AS (YOUR NAME) PERSONAL BUDGET
Formulas
One of the nicest features of the spreadsheet is its ability to do your calculations for you.
Spreadsheet formulas perform mathematical operations. Cell contents can be added, subtracted, multiplied and divided. An example of a formula is =A3+A4. This formula instructs the spreadsheet to add the contents of A3 to the contents of A4. A3 and A4 are called cell references and refer to the data that is stored in those cells.
The equal sign in =A3+A4 is a prefix symbol that helps the spreadsheet identify the cell contents as a formula. If no prefix symbol were typed, the spreadsheet might interpret A3+A4 as a label.
The example below shows 3 formulas in column F.
- In cell F8, enter the formula shown above into your sheet, and press enter
- In cell F15 enter the formula show above, but instead of typing the cell references, you can click on each one with the mouse
- Don't worry about the fact that one of the formulas will be wrong for now, we will fix it later
- Save your sheet
Functions
If you were going to add up the assets using a formula , you would have to enter a very long formula: =C6+C7+C8+C9+C10+C11+C12+C13. There is an eaiser way to do this, by using a function. Functions are detailed formulas built-into spreadsheet programs. They are very easy to use. To calculate the total of amy's assets, we can use the Sum function, instead of a long formula.
- Open exercise2-5 if it is not already open
- in cell C15 add the following function and press enter
- =sum(C6:C13)
- The total assets should appear in cell C15, and the value in cell F15 should now be correct as well.
Is a spreadsheet really any better than a calculator? A big advantage of spreadsheets over calculators is that formulas and functions can instantly update figures. For example, suppose Amy Beck forgot to include a $200 deposit when she calculated her cash total. The revised amount would be $540, not $340.
- enter 540 as her new cash total, instead of 340
- undo your change by using edit/undo or pressing the undo toolbar button
- save your spreadsheet
Make the following changes to your sheet to finish it up:
- Change the date to December 31, 2005
- Change the following values:
- Cash: 305
- Clothes: 1 425
- Owed to sister: 80
- Owed to mom: 40
- The new totals should be calculated automatically
- Delete the empty columns (B and E)
- Resize the other columns as necessary
- Italicize the sub headings
- Remove the gridlines from the other cells
- highlight all the cells
- choose Format/cells/borders
- click on none
- Add single and double ruled lines as in a normal balance sheet
- highlight cell B13
- choose Format/cell and click on the Borders tab
- choose a single line and then click on the bottom border button
- copy this formatting to cells D7 and D14 with the format painter
- Add a double line under cells B15 and D15.