BIS155 Week 6 Lab – Perfect solution – instant delivery

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Problem Statement

Week 6: Lab Overview
TABLE OF CONTENTS

Lab Overview
Scenario/Summary
This week it seems like everyone needs an answer to a question. The Accounting Manager for Operations has asked you to update some analysis prepared earlier in the year. In an attempt to predict year-end changes in net income, you have been asked to prepare some reports on changes in condominium rental fees, ski lift tickets, and X Game tickets and pricing.
The Sales Department for Luxury Condominiums wants to know how increasing their rental pricing by varying percentages will affect the existing pricing. The manager would like to know how that will increase the Summit Ridge Mountain Resort’s total revenue. A one-variable data table might be good to create these results.
The supervisor in charge of setting prices for lift tickets also needs some help. She wants to price the lift tickets so that they are affordable but yet offer the resort a chance to improve its net income at the end of the season. A one-variable data table might be able to answer this question.
Resort Management has a target income for the X Games. They need help determining the best combination of pricing and quantity of tickets to sell for the X Games to be a success. A two-variable data table might be best to display these results.
And there are more puzzling questions. Resort Management has reviewed variables such as lift ticket prices, restaurant revenues, retail revenues, maintenance costs, and payroll. They would like you to create a Scenario Summary to determine optimistic, mid-range, and pessimistic scenarios for the resort. The Operations Manager would like to know how these changes might affect revenue, expenses, and net income. A Scenario Summary would be a good choice for this analysis.
Last, all of the Warming Hut Management need a little help with some investigation on their data. They have quite a bit of data collected but need some assistance making sense of it. It may be time to polish your skills with Pivot Tables, because the management has many questions and concerns. Your boss is confident about your ability to be creative and customize some Pivot Tables that are unique to each Hut.
What-If questions need solid answers. It is time to provide a professional response.
Deliverables
After completing the steps below, turn in one Excel 2016 workbook. Rename the workbook with your lastname_first initial_Week6_Lab. xlsx. Example: If your name were Jane Doe, your workbook would be Doe_J_Week6_Lab.xlsx.
When submitting the workbook, provide a comment in the comments area explaining what you learned from completing this lab activity.
The grading rubric for this assignment is available in the weekly Lab assignment page. The most successful students always review the criteria in this rubric before uploading their lab. This allows them to check that they have completed all of the steps in the lab. It is a very helpful final review prior to submission.

Lab Resources
Microsoft Office: Excel 2016
Options for Accessing Microsoft Excel 2016
1. Use a personal copy on your PC. You can request a copy of Microsoft Office 2016 via the Student Software Store icon on the Course Resources Page.
2. If you are a MAC user, click to read the MAC User Information.
3. If you do not have Excel 2016 installed locally, then access the software by going to the Course Resources page, Lab Resources section, and click the Virtual Lab Citrix icon.
Lab Steps
Preparation
You will be using Microsoft Excel 2016 for this lab.
Be sure you have read the required chapter materials and reviewed the hands-on exercise videos located on the Lesson page before you begin the lab. The videos provide detailed examples walking you through the hands-on exercises. Applying the hands-on exercise examples will provide both practice and instruction of what to complete, but you will be completing the exact steps described below and submitting your workbook after you complete all steps.
Begin: Open and Save
Download the spreadsheet STUDENT_BIS155_W6_Lab6_Starter_File.xlsx (Links to an external site.)Links to an external site. You will be prompted to save the file. Click yes.
Open the saved file from your Download folder on your computer.
Note: If you are using the Remote Lab environment, you will need to follow the instructions for uploading the file. These instructions can be found on the Lab page when you click on the Lab icon on Course Resources.
To save the spreadsheet with a new file name,
• open the workbook in Excel 2016; and
• in Excel, click File and then Save As and rename it as lastname_first initial_Week6_Lab.xlsx (Jane Doe would save the file as Doe_J_Week6_Lab.xlsx).
Step 1: Complete Income Statement
It is time to build the formulas needed to complete the income statement. Begin working on the Income Statement worksheet and complete formulas for all of the cells marked in gray.
A. Enter the formula to calculate the Condo Rentals Revenue in C13 Multiple the Quantity of Condo Rental Days * the Price for Condo Rental.
B. Enter the formula to calculate the Ski Lift Revenue in C14 Multiple the Quantity of Ski Lift Tickets * the Price for Ski Lift Tickets.
C. Enter the formula to calculate the Winter X Games Revenue in C17 Multiple the Quantity of X Games Tickets * the Price for X Games Tickets.
D. Enter the formula to calculate the Total Revenues in C20 and Total Expenses in C34.
E. Make sure the cell references for Total Revenues and Total Expenses are placed in cells C37 and C38 respectively.
F. Enter the formula to calculate the Net Income in cell C39.
G. Apply professional formatting to all of this data using the image below as a guide.
Income Statement
Step 2: Build the One-Variable Data Tables
Now that the Income Statement is complete, begin to address the questions about the condo rentals and ski lift tickets.
A. Build a one-variable data table based on condo rental days. The initial values for Revenue and Net Income for cells I6 and I7 should be cell references from the income statement.
B. Build a one-variable data table based on the quantity of ski lift tickets. The initial values for Revenue and Net Income for cells I14 and I15 should be cell references from the income statement.
C. Apply conditional formatting to highlight Net Income of at least $250,000 for each of the one-variable data tables.
D. In cell G17, a question exists. “If management has a target net income of at least $250,000, which of the above SPECIFIC scenarios in the condo rentals or ski tickets one-variable data table would you recommend using? Explain your reasoning.” Make sure you place your answer in the text box beginning in cell G20.
E. Apply professional formatting to all of this data using the image below as a guide.
One-Variable Data Tables

Step 3: Build the Two-Variable Data Table
Once the one-variable data tables are complete, begin to address the questions about the X Games tickets sold.
A. Build a two-variable data table based on the quantity and price of the X Games tickets sold. Enter a reference to Net Income in cell I27 from the income statement.
B. Apply conditional formatting to highlight Net Income of at least $250,000 for each of the two-variable data table.
C. In cell G37, a question exists. “If management has a target net income of at least $250,000. Which of the above SPECIFIC combinations of price and quantity of X Games Tickets in the two-variable data table would you recommend using? Explain your reasoning.”
D. Make sure you place your answer in the text box beginning in cell G40.
E. Apply professional formatting to all of this data using the image below as a guide. Two-Variable Data Table
Step 4: Create the Scenario Summary
You addressed quite a few questions. Now it is time to create a Scenario Summary.
A. Assign names to all of the income statement cell values in column C in the assumptions, revenues, expenses, and summary sections using the labels in column B. For example, select cells B5:C10, and then on the Formula tab in the Defined Names Group, select “Create from Selection” and use the left column as the name (repeat on lower sections).
B. Build three scenarios by changing cells C8, C15, C16, C29, and C30 using the following data: Optimistic, Mid-range, and Pessimistic. Scenario Details
C. Generate the Scenario Summary using C37:C39 as the result cells.
D. Move the Scenario Summary sheet after the Income Statement and apply professional formatting to all of this data using the image below as a guide.
Completed Scenarios
Step 5: Create Pivot Tables From Warming Hut Data
Select the Warming Hut Sales Worksheet. You notice the data are not formatted or organized well.
A. Use the Warming Hut Sales data to build Pivot Tables.
B. Build the first Pivot Table to summarize total sales by category and by location. Name this sheet Pivot Table 1.
C. Build the second Pivot Table to summarize total sales by category and by season for only the Summit View location. Name this sheet Pivot Table 2.
D. Build the third Pivot Table to summarize total sales by month and by product for only the Mogul Hill location. Name this sheet Pivot Table 3.
E. Choose one of the created Pivot Tables and add a professional chart to the same worksheet. Make sure you explain the chart and what it shows in your Documentation sheet.
F. Apply professional formatting to all of this data using the image below as a guide.
Click Image to Expand

Step 6: Create a Documentation Sheet
Clean up the formatting of your Excel workbook, taking into account professional appearance.

The Minimum Requirement (per the Grading Rubric)

A. Insert a new spreadsheet into the workbook. The documentation sheet should be the first sheet in the workbook.
B. Make certain all contents of the workbook are properly noted on the documentation sheet. For the sheet with chart, add an explanation of the chart you selected and what this chart shows.
C. Make certain each tab has a descriptive name for each tab (sheet) in the workbook.
D. Create the professional documentation worksheet. Be sure to include a description of each worksheet. An image is provided below.
Click Image to Expand

Transcript
Finish and Submit
Save your Excel file. Make sure you are aware as to where your files are physically saved. Saving your file often is good practice (Ctrl + s).
Your Excel file should contain seven worksheets.
• Documentation Page
• Income Statement
• Scenario Summary
• WarmingHutSales
• Pivot Table 1
• Pivot Table 2
• Pivot Table 3
Submit one workbook. When submitting the workbook, provide a comment in the comments area explaining what you learned from completing this lab activity. File naming convention: If your name is Jane Doe, then your file should be named very similar to Doe_J_Week6_Lab.xlsx.

Relevant Material
Screenshots
Lab 6: income statement
Lab 6: income statement

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Lab Price = $13
Please feel free to send us your queries at: support@iqrajavaid.com

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