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Project 1 - Contract Review Luck, signed a 5 year contract

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Project 1 - Contract Review Andrew...
Project 1 - Contract Review
Andrew Luck, signed a 5 year contract with Indianapolis Colts. Andrew intends to will play professional football for the Colts for the duration of the contract, and will reside in Indianapolis during this time.
Details regarding Andrew's contract are summarized below, and can also be found online.
Year Base Salary Signing Bonus Total Salary
2016 $12,000,000 $6,400,000 $18,400,000
2017 $7,000,000 $6,400,000 $13,400,000
2018 $13,000,000 $6,400,000 $19,400,000
2019 $9,125,000 $6,400,000 $18,250,000
2020 $11,000,000 $6,400,000 $17,400,000
$52,125,000 $32,000,000 $86,850,000
Please compile a summary, to be discussed with the client, showing what his "bot***** *****ne" will be each year, after accounting for federal and state taxes, union dues of $16,500 per year, and spending of $25,000 per month. Please ignore any future / present value implications.
Please utilize your creativity as there is no exact format.
These were the instructions used for the intern project:
Using Microsoft Excel, please create a spreadsheet to display Andrew Luck’s new 5 year contract. This contract can be found on spotrac.com or any other website that displays contract information. For each year of his contract, please incorporate what his “bottom-line” will be after federal and state taxes, future/present value, and $300,000 of yearly spending. Please utilize your creativity as there is no exact format.
Submitted: 1 year ago.Category: Microsoft Office
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Answered in 9 minutes by:
9/24/2016
Microsoft Office Technician: Bruce Wilner,
 replied 1 year ago
Bruce Wilner
Category: Microsoft Office
Satisfied Customers: 77
Experience: principal at Network Security Labortories Inc.
Verified

I can do this for you. Did you merely want an Excel spreadsheet that contains the relevant data and summarizes annual taxes, net income, etc.?

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Microsoft Office Technician: Bruce Wilner,
 replied 1 year ago

I don't see how "future/present value" has anything to do with anything. There are no depreciating assets here--unless we consider Andrew Luck himself to be the depreciating asset! (Let's put it this way: there are no depreciating assets that can readily be modeled in closed form.)

Please advise, and I'll get right to work.

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Customer reply replied 1 year ago
I merely want an excel spread sheet. I want all the questions answered in the excel document I have just attached.
Microsoft Office Technician: Bruce Wilner,
 replied 1 year ago

Since that attachment has nothing to do with Andrew Luck's contract situation, I shall ignore it completely and implement the specs precisely as dictated by the "Messages" box above.

All required fields have been implemented. All boxes are neatly formatted and have borders. INCOMES and ASSETS are indicated in (light) green; DEBITS and EXPENDITURES are indicated in (light) red, that is, pink.

Federal and state taxes can be entered via drop-down boxes. Click on the cells immediately to the right of "Enter federal tax:" and "& state tax:" and choose from the values in the dropdown menu. Those values are populated from cells N13:O21, which do not appear in the window until scrolled to. Please do not modify these lists for fear of breaking the formulas in other cells: just ask for any requested updates, such as, "I need state tax rates of 4.2%, 6.6%, and 11.3%."

Cell formulas are duplicated as appropriate from cell to cell.

Please see attached output file for completed task. Thank you for your patience.

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Microsoft Office Technician: Bruce Wilner,
 replied 1 year ago

In fact, here's a slight formatting change: EVERY spreadsheet deserves a bold title!

Thank you for your forbearance.

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Customer reply replied 1 year ago
This is good, however, this only completes sheet 1. Can you do Spending summary and savings in pact in sheets 2-4?
Microsoft Office Technician: Bruce Wilner,
 replied 1 year ago

This wasn't specified in the task. There was no mention of sheet one or sheet two, merely of Andrew Luck's contract. Your attachment says nothing about that whatsoever. See the message stream above. I don't mind doing extra work, but it requires an adjustment to the scope. If you want a second project, I'm afraid you have to set that up. I don't make the rules, I only live by them!

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Microsoft Office Technician: Bruce Wilner,
 replied 1 year ago

Furthermore, the three additional analyses can all fit on one sheet. It would be needless complication--as well as entirely non-standard practice--to relegate three affine analyses to three disparate worksheets instead of displaying them in independent sections of a single worksheet.

I wouldn't steer you wrong. Accountants just don't do that. Three-year, five-year, and ten-year projections are just birds of a feather, not three independent analyses. They just require some extra rows, and maybe a few adjustments to cell background colors, like, ultra-light yellow, not-quite-so-light yellow, and semi-pale yellow.

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Microsoft Office Technician: Bruce Wilner,
 replied 1 year ago

I see, as you said above, that "this is good." However, you have complained that it "only completes sheet 1," which, of course, was the only problem requested when you posted the task.

I would appreciate your indication of "answer accepted" before trying to past-post three additional tasks. An offer was extended to you to cover the time and effort of the three additional tasks that suddenly materialized, but JustAnswer has not received your response thereto.

Thank you for your cooperation.

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Category: Microsoft Office
Satisfied Customers: 77
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