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Project Description: In this problem, you will calculate the total economic profit for each of the two altematives and choose the best employment altemative. For the purpose of grading the project you are required to perform the following tasks Points Possible Instructions 1 Start Excel. , In cell D27, by using a cell reference, enter the annual salary under the Belle Touché option. Refer to an appropriate cell among H6-H10 3In cell E27, by using cell references, calculate the annual revenue under the Salon Volume option. Use cells H12-H14. 4 In cell D28, by using cell references, calculate the annual tips under the Belle Touché option. Use cells H7 and HS 5In cell E28, by using cell references, calculate the annual tips under the Salon Volume option. Use cells H21 and E27. .1 In cells D29 and E29, do the following: By using cell references, calculate the annual interest received. Use appropriate cells among H6-H10 and H12-H25, if any. Enter zero into the corresponding answer cell if there is no interest received for any of the options. Note: Do not use the equal sign when entering a numeric value.

In cells D30 and E30, do the following: By using cell references, calculate the annual value of leisure time. Use appropriate cells among H6-H10, and H12-H25, if any Enter zero into the corresponding answer cell if there is no value of leisure time for any of the options. Note: Do not use the equal sign when entering a numeric value. In cell D31, by using cell references, calculate the total economic benefit. Use cells D27-D30. Use the Excel SUM function. Copy the formula from cell D31 across column E. In cells D32 and E32, do the following: By using cell references, enter the annual one-time expenses. Use appropriate cells among H6-HI0, and H12-H25, if any Enter zero into the corresponding answer cell if there are no one-time expenses for any of the options. Note: Do not use the equal sign when entering a numeric value. n cells D33 and E33, do the following: By using cell references, enter annual rental expenses. Use appropriate cells among H6-H10 and H12-H25, if any. Enter zero into the corresponding answer cell if there are no rental expenses for any of the options. Note: Do not use the equal sign when entering a numeric value. 10

In cells D34 and E34, do the following: By using cell references, calculate the total annual amount of regular monthly expenses. Use appropriate cells among H10 and H12-H25, if any. H6- Enter zero into the corresponding answer cell if there are no monthly expenses for any of the options Note: Do not use the equal sign when entering a numeric value. In cells D35 and E35, do the following: By using cell references, calculate the annual cancellation expenses. Use appropriate cells among H6-H10, H22-H25, and D27-E28, if any. Enter zero into the corresponding answer cell if there are no cancellation expenses for any of the options. Note: Do not use the equal sign when entering a numeric value. In cell D36, by using cell references, calculate the annual total economic cost. Use cells D32-D35. Use the Excel SUM function. Copy the formula from cell D36 across column E In cell D37, by using cell references, calculate the annual total economic profit. Use cells D31 and D36. Copy the formula from cell D37 across column E. 13 L4 15In cell D39, determine which option should be chosen based on the annual total economic profift. 16 Save the workbook Close the workbook and then esit Excel. Submit the workbook as directed

Economic Profit Problem 2 Kristen Larson just graduated at the top of her massage class from the Aveda Institute in Des Moines, IA. Her plan is to move to Sioux City, IA for at least 5 years so she can spend time with her elderly grandparents and gain experience before branching out into a top salon in a large city Upon graduation, Kristen received a job offer from Belle Touché, an Aveda Salon and Spa in Sioux City, for $70,000 dollars (including salary and insurance). Kristen would have to work Tuesday through Saturday from 9am-6pm for 50 weeks out of the year. The salon would pay for all of Kristens supplies and equipment but she would need to put 15% of her tips each day into tipshare for the front desk and clean-up employees. Tips are estimated at S25,000 per year Kristen also is considering using her $8,500 savings to be her own boss so she can work less and more flexible hours. For $120 per week (S6,240 per year), she can rent a room at Salon Volume but she would have to provide her own supplies, equipment, and insurance. She plans to schedule massages for 25 hours per week at an average rate of $65 per hour and spend 5 hours per week on other business duties (scheduling, bookkeeping, cleaning, purchasing, etc.) for 50 weeks of the year. Tips average 20% of the cost of services and the cancellation rate is 7%. Kristens estimated costs are detailed below Massage Table: $1,000 (one time expense) Lotions, Oils, Linens, Candles, and Other Supplies: $200 per month Remaining on her Parents Health Insurance (she is only 20): S150 per month Advertising: $40 per month Liability Insurance: S55 per month If Kristen takes the job at Belle Touche, she will be able to earn 4% interest, on the money in her savings account. If she decides to work for herself, she will have 10 more hours of leisure each week which she values at $15 per hour Calculate Kristens annual economic profit for each alternative using the template provided. (Please note, each cell may not have an entry for both options.) All relevant values are gathered below

Belle Touché $70,000 $25,000 % of Tips Needed to Put into Tipshare for the Front Desk and Clean-up Employees 15% Savings Amount Interest on Savings Account $8,500 Salon Volume $65 25 50 $6,240 $1,000 $200 $150 Charges for One Hour of Massage Hours of Massage per week Working Weeks in a year Rental Expenses Cost of a Massage Table Lotions, Oils, Linens, Candles, and Other Supplies Expenses per month Remaining on her Parents Health Insurance Expenses per month Advertising Expenses per month Liabilty Insurance Expenses per month Tips as a Percentage of the Cost of Services Cancellation Rate Value of Leisure per hour Additional Leisure Hours per wee!k Number of months per year ear $55 20% $15 10 12

Belle Touché Salon Vohume Salay Total Revenue Kristens Tips Interest Received Value of Leisure Time Total Economic Benefit One-Time Expenses Rental Expenses Total Monthly Expenses Cancellation Expenses Total Economic Cost Total Economic Profit Which option should she choose based on her economic profit? should be chosen based on the economic profit.

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Homework Answers

Answer #1

Based on Economic profit salon option should be chosen

Salary/Total Revenue

70000

81250

Kristen's tip

21250

16250

interest received

340

Value of leisure time

7500

Total economic benefit

91590

105000

One Time expenses

1000

Rental expenses

6240

Total monthly expenses

445

Cancellation expenses

5687.5

Total economic cost

13372.5

Total economic profit

91590

91627.5
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