You are the financial manager for Judi’s Art Gallery. One of your clients, Raymond Chancellor, has a large collection of limited edition signed art by James C. Christensen (1942–2017). Over the years, you have helped Raymond maintain a list of his collection, including the title of the art, medium, issue date, issue price, the price he paid, and current market value. Most of the art is sold out from the publisher, which increases the value of the art. Other art is still readily available or is available in limited quantities. You want to update the list so that he can properly insure his collection.
Format the Worksheet
The first tasks are to improve the formatting of the worksheet by centering the main title over cells, changing vertical alignment, increasing the width of a column so the labels display properly, adding a border, and replacing a word with a different term.
1. Open eApp_Cap1_Collection and save it as eApp_Cap1_Collection_LastFirst.
2. Select the range A1:A6 on the Christensen worksheet, merge the cells, and then apply Middle Align.
3. Change the width of column K to 17.00, select the range K1:K3, and then apply Thick Outside Borders.
4. Click cell C9 and freeze panes so that rows 1 through 8 and columns A and B are frozen.
5. Select the range E9:E54 and apply the Mar-12 date format.
6. Find all occurrences of Retired and replace them with Sold Out.
The worksheet contains the Issue Price (the original price when the art was published), Paid (the amount Raymond paid for the art), and the Current Value (the value that the art is worth today). You will calculate what percentage Raymond paid of the issue price and the percentage change in value of the Current Value from the Issue Price. In addition, you will calculate the total, average, lowest, and highest current values for the output area to get a better understanding of the current values for insurance purposes. Use appropriate relative, absolute, and mixed references correctly in your formulas.
7. Click cell H9 on the Christensen worksheet and insert a formula that calculates the percentage Raymond paid of the issue price by dividing the amount Paid by the Issue Price. Copy the formula from cell H9 to the range H10:H54.
8. Click cell J9 and insert a formula that calculates the percentage change in value by subtracting the Issue Price from the Current Value and then dividing that result by the Issue Price. Copy the formula from cell J9 to the range J10:J54.
9. Apply Percent Style with one decimal place to the ranges H9:H54 and J9:J54. 10. Insert summary functions in the Current Values section at the top of the worksheet that use the range I9:I54:
You are ready to insert a function to look up the art codes in a lookup table and display the respective types of art within the dataset. Next, you will insert a function that compares the issue price to the current market value to see if the art has increased in value. Finally, you will insert a financial function to calculate the monthly payment for a piece of art that Raymond is considering purchasing by taking out a loan. Use relative, absolute, and mixed references correctly in your functions.
11. Click cell C9 and insert a VLOOKUP function that looks up the code in cell B9, compares it to the codes and types of art in the range B2:C6, and then returns the type of art. Copy the function in cell C9 to the range C9:C54. Hide column B that contains the codes.
12. Click cell K9 and insert an IF function that determines if the Issue Price is equal to the Current Value. If the values are the same, display Same as Issue (using the cell reference K2); otherwise, display Increased in Value (using the cell reference K3). Copy the function from cell K9 to the range K10:K54.
13. Display the Purchase worksheet and insert a row above Monthly Payment. Type Payments in 1 Year in cell A5 and type 12 in cell B5.
14. Click cell B6 and insert the PMT function to calculate the monthly payment using cell references, not numbers, in the function, and make sure the function displays a positive result. Apply Accounting Number Format and the Output cell style to cell B6.
The Types of Art input section on the Christensen worksheet displays the total of the issue prices and the total current values of each type of art that Raymond owns. You will create a chart so that Raymond can compare the purchase price to the current value of each type of art.
15. Display the Christensen worksheet, select the range C1:E6, and create a clustered column chart.
16. Cut the chart and paste it in cell C57, change the height to 4″, and change the width to 7″.
17. Customize the chart by doing the following: • Type Raymond’s Art Collection for the chart title, apply bold, and then apply Black, Text 1 font color. • Place the legend at the top of the chart. • Add Primary Minor Horizontal gridlines. • Add Alt Text The column chart compares total issue prices to total current values by type of art. Most of the art value comes from the Limited Edition Canvas category. (including the period).
To further analyze the data for Raymond, you will create a pie chart that shows the proportion each type of art contributes to the total current value.
18. Create a pie chart using the ranges C2:C6 and E2:E6 and move the chart to a new chart sheet named Current Values. Move the Current Values sheet to the right of the Purchase sheet.
19. Customize the chart by doing the following: • Type Percentage of Total Current Value as the chart title and change the font size to 18 pt. • Remove the legend.
Add data labels for categories and percentages; remove value data labels. Change the font size to 16 pt, bold, and Black, Text 1 font color for the data labels. • Choose Colorful Palette 3 for the chart colors. • Explode the Masterwork Anniversary Edition slice by 15% and change the fill color to Light Blue. • Add the Alt Text Masterwork Anniversary Editions account for 17% of the total value. Other canvas editions account for 58% of the total value. (including the period).
You will format the main dataset as a table and apply a table style. Then you will apply conditional formatting to highlight art that has increased in value, sort the data so that it is more easily reviewed, and set a filter to focus on a specific art category. Finally, you will add a total row to display summary totals.
20. Display the Christensen worksheet, click in any cell within the dataset, convert the data to a table, assign a table name Collection, and then apply Green, Table Style Light 14.
21. Apply a conditional format to the range J9:J54 that highlights cells where the value is greater than 200% with Green Fill with Dark Green Text.
22. Sort the dataset by Type of Art and then within Type of Art, sort by Current Value from largest to smallest.
23. Set a filter to display art that has a Sold Out status.
24. Add a total row to display the sum of the Issue Price, Paid, and Current Values columns. Remove the total for the Note column.
You are ready to finalize the workbook so that you can show it to Raymond.
25. Select the Purchase sheet, set 2″ top margin, and then center horizontally on page.
26. Select the Christensen sheet, select Landscape orientation, Legal paper size, set 0.2″ left and right margins, 0.5″ top and bottom margins, and then set row 8 to repeat at the top of pages.
27. Change the width of column A to 27, the width of column D to 11, and the width of column J to 12. Wrap text in cell A1 and cell J8.
28. Create a footer with your name on the left side, the sheet tab code in the center, and file name code on the right side on all sheets.
29. Display the workbook in Normal View.
30. Save and close the file. Based on your instructor’s directions, submit eApp_Cap1_Collection_LastFirst.