MO-220 practice for your class, objective by objective

Write one formula, fill it down or across, and lock the cells that must not move.

What students do

1. One rate for every row · Easy · free sample Worksheet
2. Share of the total · Medium Worksheet
3. Allocate costs across a grid · Hard Worksheet

Mistakes the exercises catch

• Only the first commission is right: the reference to the rate moved down with the formula (B3, B4, …). Lock it as $B$2.
• Every row shows the same commission because the sales cell is locked. Lock only the rate ($B$2); leave B5 relative.
• C6 and below divide by empty cells (#DIV/0!) because the reference to the total moved down. Lock it as $B$15.
• Divide the expense by the total, not the total by the expense. Each share should be below 100%.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Summarize a ledger column: total, count, average, largest and smallest, skipping voided entries.

Comes after: Relative and absolute references.

What students do

1. Total and count the expenses · Easy · free sample Worksheet
2. Average, largest and smallest · Medium Worksheet
3. Summarize a bank register · Hard Worksheet

Mistakes the exercises catch

• G5 counts the VOID entries too. Count only cells that contain numbers.
• The total misses the last transaction. Make sure the range runs from D5 to D19.
• The average is too low: voided rows were counted as transactions. Average only the numeric amounts.
• The largest and smallest transactions are the wrong way round: G5 is the largest and G6 the smallest.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Round amounts to whole cents, cut interest down to the cent, and put the rounding difference where it belongs.

Comes after: Totals on a ledger.

What students do

1. Line totals in whole cents · Easy · free sample Worksheet
2. Allocate a bill to the cent · Medium Worksheet
3. Interest cut down to the cent · Hard Worksheet

Mistakes the exercises catch

• The line totals still carry fractions of a cent. Round each one to 2 decimal places in the formula; a number format only hides the extra digits.
• You rounded to whole dollars. Round to 2 decimal places to keep the cents.
• Rounding every share leaves a cent or two of rounding difference. Give the last department the bill minus the other allocations.
• The reference to the bill moved when you filled down. Lock it as $B$2.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Turn one starting row into a 12-month calendar of period starts, month-ends and a growing forecast.

Comes after: Rounding to the cent.

What students do

1. A 12-month reporting calendar · Easy · free sample Worksheet
2. Month-end close dates · Medium Worksheet
3. A growing monthly forecast · Hard Worksheet

Mistakes the exercises catch

• Adding 30 days drifts away from the first of the month because months have 28 to 31 days. Move the date forward by one whole month instead.
• Adding 31 days lands past the first of the month after any month shorter than 31 days. Move the date forward by one whole month.
• Moving forward one month keeps the day number, so after a short month the dates stop landing on month-ends (for example the 28th of every month). Ask for the end of the next month instead.
• Adding 30 days drifts off the month-end because months have different lengths. Return the last day of the next month instead.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Compare actual results with the budget: the variance in dollars, as a percentage, and whether it is favorable.

Comes after: Monthly periods with Fill.

What students do

1. Dollar variance · Easy · free sample Worksheet
2. Variance as a percentage · Medium Worksheet
3. Favorable or unfavorable · Hard Worksheet

Mistakes the exercises catch

• The signs are reversed. Variance here is actual minus budget, so a line above budget is positive.
• Every variance is positive, so you can't tell over from under budget. Keep the sign: actual minus budget.
• Variance % is measured against the budget. Divide the variance by the budget, not the actual amount.
• The percentages are 100 times too large. The percentage format already shows 0.05 as 5%, so don't multiply by 100.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Show amounts as currency and accounting formats, with negatives in parentheses and percentages to one decimal.

What students do

1. Total and show expenses as currency · Easy · free sample Worksheet
2. Accounting format with negatives in parentheses · Medium Worksheet
3. Variance in whole dollars and percent · Hard Worksheet

Mistakes the exercises catch

• The amounts show cents but no dollar sign. Choose Currency, which adds the $ sign next to each amount.
• The amounts are rounded to whole dollars, which hides the cents. Keep two decimal places: the stored values still have cents, so the display should too.
• Currency puts each $ sign right next to its number and shows negatives with a minus sign. Accounting lines the $ signs up at the edge of the column and puts negatives in parentheses.
• The amounts are formatted but the net change in B13 isn't. A total should look like the numbers it adds up, so format B13 too.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Mark claims over a limit, hours outside an allowed range, and count the payments that need a second look.

What students do

1. Claims over the approval limit · Easy · free sample Worksheet
2. Hours outside the allowed range · Medium Worksheet
3. Count payments outside the range · Hard Worksheet

Mistakes the exercises catch

• Claims exactly at the limit are allowed. Flag only amounts greater than the limit.
• Only the first claim is checked against the limit: the reference moved down with the formula (B3, B4, …), so later claims are compared with empty cells and text instead. Lock the limit as $B$2.
• Nothing is flagged: no line can be below the minimum and above the maximum at the same time. Flag the line when either test is true.
• Lines exactly at the fewest or most hours allowed are inside the range. Use < and >, not <= and >=.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Restrict a column to valid account codes with a list rule.

Comes after: Flag values outside expected ranges.

What students do

1. Allow only four-digit account codes · Easy · free sample Worksheet
2. Codes from the chart of accounts · Medium Worksheet
3. Valid codes and positive amounts · Hard Worksheet

Mistakes the exercises catch

• The rule lets through numbers like 1500.5. Account codes are whole numbers, so allow whole numbers, not decimals.
• The rule accepts codes such as 6000, which are outside this chart. The highest allowed code is 5999.
• A rule allowing 1000 to 5999 still accepts codes that aren't in the chart. Use a list rule whose source is the chart's codes, G5:G16.
• The list's source stops one row short, so the last code in the chart is refused. Make the source cover G5:G16.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Pull the account code and the account name out of one exported text column.

What students do

1. Extract the account name · Easy · free sample Worksheet
2. Codes of different lengths · Medium Worksheet
3. Code in brackets at the end · Hard Worksheet

Mistakes the exercises catch

• The names still start with the dash. Start extracting three characters after the position of " - ".
• Longer names are cut off. Take everything after the dash, not a fixed number of characters.
• The codes are still text, which won't sort or match numeric codes. Convert them to numbers.
• Codes longer than four digits are cut short. Find where " - " starts and take everything before it.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Tidy messy names, build invoice memos from several columns, and turn imported text amounts into numbers.

Comes after: Split account code and name.

What students do

1. Tidy the vendor names · Easy · free sample Worksheet
2. Build an invoice memo · Medium Worksheet
3. Turn imported text into numbers · Hard Worksheet

Mistakes the exercises catch

• The capitals are right, but some names still have double spaces between words. Remove the extra spaces too.
• The spacing is right, but some names are still in random capitals. Capitalize each word as well.
• The memo has no spaces around the fixed words. Put a space inside the quotes: " invoice " and " for ".
• The amount appears without its dollar sign and two decimals. Turn it into formatted text with the format "$#,##0.00" before joining it.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Turn transaction dates into accounting periods: month-ends, year and month, sortable labels and fiscal quarters.

Comes after: Combine and clean text.

What students do

1. The period each transaction belongs to · Easy · free sample Worksheet
2. Year, month and a sortable label · Medium Worksheet
3. Fiscal year and quarter · Hard Worksheet

Mistakes the exercises catch

• These are the first days of each month. The period is labelled by its last day.
• Each date is a month too late. Ask for the end of the same month: 0 months ahead, not 1.
• Months 1 to 9 need a leading zero (2026-03), otherwise 2026-10 sorts before 2026-3. Use "yyyy-mm".
• Labels that start with the month don't sort in date order across years. Put the year first: "yyyy-mm".

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Work out due dates from payment terms and business days, and measure how long invoices stay unpaid.

Comes after: Transaction dates to periods.

What students do

1. Due dates from text terms · Easy · free sample Worksheet
2. Due in business days · Medium Worksheet
3. Days to collect and late payments · Hard Worksheet

Mistakes the exercises catch

• The days past due are wrong from row 6 down because the reference to the report date moved. Lock it as $F$2.
• Invoices that aren't due yet show negative days. Show 0 for them: take the larger of 0 and the result.
• These due dates count every calendar day. Count only business days: skip weekends and the company holidays.
• Weekends are skipped, but some due dates fall too early because the company holidays in H5:H8 were not skipped.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Find transactions exported twice: count each reference, flag the extra copies, and total the clean list.

What students do

1. How often each reference appears · Easy · free sample Worksheet
2. Flag the extra copies · Medium Worksheet
3. Duplicates without a reference · Hard Worksheet

Mistakes the exercises catch

• Some counts are too low because the range moved down with the formula and no longer covers the rows above. Lock it as $D$5:$D$20.
• Two different transactions can have the same amount. Count matching bank references in column D, not amounts.
• Both copies are marked Duplicate, so removing them would lose the real transaction. Count only from the first row down to the current row.
• Nothing is flagged because the range only ever covers the current row. Lock its start ($D$5:D5) so it grows as you fill down.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Delete or hide rows and columns and apply consistent formats to a ledger.

Comes after: Remove duplicate transactions.

What students do

1. Hide notes and void lines · Easy · free sample Worksheet
2. Delete blank and repeated header rows · Medium Worksheet
3. Delete a column and make formats consistent · Hard Worksheet

Mistakes the exercises catch

• The internal notes are gone. They had to stay in the file, just out of sight: undo and hide column D instead of deleting it.
• Column D is hidden, but the VOID lines still show. Hide those rows too.
• The blank rows are gone, but the second header row is still in the middle of the list. Delete it: a header inside the data breaks totals, sorting and filtering.
• The repeated header is gone, but blank rows still split the list. Delete them so the expenses form one block.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Turn a delimited bank export into a clean table with the right column types.

What students do

1. Import a comma-separated bank file · Easy · free sample Worksheet
2. Keep leading zeros in references · Medium Worksheet
3. Day-first dates and an unwanted column · Hard Worksheet

Mistakes the exercises catch

• Each whole line landed in column A, because the file was split at the wrong character. This file separates its fields with commas.
• The amounts and balances came in as text, so they can't be added up. Import those columns as General so they become numbers.
• References such as 004321 arrived as 4321, because they were read as numbers. Import the Reference column as Text to keep every digit.
• The fields weren't separated, because this file uses semicolons, not commas, between its fields.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Sort ledger lines by several levels (account, then date, then amount) and check the resulting order.

What students do

1. Put the ledger in date order · Easy · free sample Worksheet
2. By account, then by date · Medium Worksheet
3. Largest entries first in each account · Medium Worksheet
4. Show one account's lines · Medium Worksheet

Mistakes the exercises catch

• The newest entry is at the top. A ledger reads from the oldest entry down: sort the dates smallest to largest.
• The dates are in order, but the other columns didn't move with them, so each date now sits next to another entry's account and amount. Undo, select the whole table (A4:E24) and sort it as one block.
• The lines are in date order with the accounts mixed together. The first sort level should be Account; Date goes in the second level.
• The accounts are grouped correctly, but inside each account the newest entry comes first. Set the Date level to smallest to largest.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Pull the ledger lines that meet one or more conditions with a single formula whose result spills into the cells below, and sort the result.

Comes after: Sort the general ledger.

What students do

1. Every line for one vendor · Easy · free sample Worksheet
2. Two conditions at once · Medium Worksheet
3. A date range, largest first · Hard Worksheet

Mistakes the exercises catch

• No lines matched because the condition looks in the Account column. Compare the Vendor column (B) with H1.
• Your result has only the amounts. Return the whole ledger range (A4:D23) so the date, vendor and account come too.
• Your result includes lines that meet only one condition. Multiply the conditions (*) so both must be TRUE; adding them (+) means either.
• One line is exactly at the minimum and should be included. Use >= rather than >.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Total a ledger by account, by account and department, and by amount limits with conditional sums and counts.

What students do

1. Total each expense account · Easy · free sample Worksheet
2. Totals by account and department · Medium Worksheet
3. Count and total lines over a review limit · Hard Worksheet

Mistakes the exercises catch

• Your ledger ranges moved when you filled down, so lower rows miss the top of the ledger. Lock them with dollar signs, for example $B$4:$B$23.
• Each account shows the whole ledger total. Add only the lines whose account matches the name in column H.
• Your account and department references drift as the formula is filled. Use mixed references: $H4 keeps the account column, I$3 keeps the department row.
• Every department shows the same total, so the department condition is missing. Add a second condition on column C.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Pull account names and types from an unsorted chart of accounts by account number, and catch numbers that are not in the chart.

Comes after: Totals by account.

What students do

1. Account names from account numbers · Easy · free sample Worksheet
2. When the account number is the last column · Medium Worksheet
3. Catch numbers that are not in the chart · Hard Worksheet

Mistakes the exercises catch

• Some lines show a neighbouring account. The chart isn't sorted, so ask for an exact match (for example FALSE or 0 as the match argument).
• You returned the account type. The name is in the chart's second column (I).
• Some lines show the wrong account. Finding the position without an exact match assumes the numbers are sorted; add 0 as the match type.
• Column D should show the name (chart column H) and column E the type (chart column I).

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Decide each account's normal balance side, compute its balance on that side and flag zero and abnormal balances with logical functions.

Comes after: Look up account names and types.

What students do

1. Which side is normal? · Easy · free sample Worksheet
2. Balance on the normal side · Medium Worksheet
3. Flag zero and abnormal balances · Hard Worksheet

Mistakes the exercises catch

• Expenses also carry a normal debit balance. Test for Asset or Expense.
• Debit and Credit are the wrong way round: assets and expenses are debit-normal.
• Credit-normal accounts show negative balances. For them, take credits minus debits.
• Every balance is negative, so the two subtractions are swapped.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Summarize a general ledger by account with conditional sums and lookups, then prove debits equal credits.

Comes after: Normal balances with IF.

What students do

1. Debit and credit totals by account · Easy · free sample Worksheet
2. Look up account types · Medium Worksheet
3. Prepare the trial balance · Hard Worksheet

Mistakes the exercises catch

• Your ledger ranges moved when you filled down. Lock them with dollar signs, for example $C$4:$C$21.
• Credits come from the Credit column (D).
• The chart isn't sorted, so an approximate match returns wrong types. Ask for an exact match.
• Return the Type column (M), not the normal balance column (N).

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Aggregate account balances by category into an income statement, handle debit and credit columns and contra revenue, and compare two years.

What students do

1. Build a simple income statement · Easy · free sample Worksheet
2. From an adjusted trial balance · Medium Worksheet
3. Two years side by side · Hard Worksheet

Mistakes the exercises catch

• Operating expenses include cost of goods sold, so it is subtracted twice. Total only the Operating expense rows.
• Net income should start from gross profit (H6), so cost of goods sold is subtracted too.
• Sales Returns and Allowances has a debit balance that reduces revenue. Subtract the Revenue debits from the Revenue credits.
• Net income must include other income, net (H9), not stop at operating income.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Total a trial balance by classification into a balance sheet, net contra accounts, bring in net income and prove assets equal liabilities plus equity.

Comes after: Income statement from a trial balance.

What students do

1. Total the balance sheet and check it · Easy · free sample Worksheet
2. Debit and credit columns with contra assets · Medium Worksheet
3. Bring in net income before closing · Hard Worksheet

Mistakes the exercises catch

• Total liabilities and equity must include equity (H10); without it the check can never balance.
• Total assets = current assets + noncurrent assets.
• The allowance and accumulated depreciation reduce assets. Subtract each asset class's credits from its debits.
• Liabilities have credit balances, so take credits minus debits; otherwise they come out negative.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Apply accounting number formats, totals and headings so the statements are ready to present.

Comes after: Balance sheet that balances.

What students do

1. Totals and underlines on an income statement · Easy · free sample Worksheet
2. Dollar signs, comma style and bold · Medium Worksheet
3. Present a balance sheet · Hard Worksheet

Mistakes the exercises catch

• Net income is the statement's final figure, and accountants mark the final figure with a double line underneath. Use Double bottom border on B17.
• The line under B15 separates the total from what comes next, but the reader needs a line between the expenses and their total. Put the single line under B14 (just above the total) instead.
• A dollar sign on every line clutters the statement. Accountants put it on the first amount of a column and on totals only; use the comma style for the lines in between.
• Net income is the line readers look for first. Make both its label and its amount (A17:B17) bold.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Profitability, liquidity and solvency ratios from an income statement and balance sheet.

What students do

1. Profitability ratios · Easy · free sample Worksheet
2. Liquidity ratios · Medium Worksheet
3. Solvency ratios, rounded · Hard Worksheet

Mistakes the exercises catch

• Gross margin is gross profit divided by revenue.
• Net profit margin divides net income by revenue, not gross profit.
• The quick ratio leaves out inventory: use only cash and accounts receivable.
• The current ratio is current assets divided by current liabilities.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Measure short-term liquidity and long-term solvency from the statements, then judge whether each ratio improved year over year.

Comes after: Financial ratios.

What students do

1. Can the company pay its bills? · Easy · free sample Worksheet
2. How much is financed by debt? · Medium Worksheet
3. Did the ratios improve? · Hard Worksheet

Mistakes the exercises catch

• The quick ratio leaves out inventory: count only cash, short-term investments and receivables.
• The cash ratio counts only cash and short-term investments, not receivables.
• Interest is paid before taxes and before net income. Add interest and income tax expense back to net income first.
• These ratios use total liabilities (B16), including current liabilities.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Use conditional formatting rules to highlight unusual balances and reconciling items.

What students do

1. Flag credit balances · Easy · free sample Worksheet
2. Claims over the approval limit · Medium Worksheet
3. Duplicate invoice numbers · Medium Worksheet
4. Rows off budget · Hard Worksheet

Mistakes the exercises catch

• The rule also highlights a balance of exactly zero. A zero balance is settled, not a problem: use less than 0, not less than or equal to 0.
• The rule highlights ordinary balances customers owe. The anomalies are the balances below zero, so the rule's comparison is the wrong way round.
• The rule works today, but it has the limit typed in. When the limit in G2 changes, the highlighting doesn't follow. Compare with $G$2 instead of the number.
• A claim exactly equal to the limit is within the limit. Use greater than, not greater than or equal to.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Audit a sheet with planted mistakes: ranges that are off, references that break when filled, and errors that spread, then rebuild the formulas correctly.

Comes after: Highlight anomalies.

What students do

1. Ranges that are off by a row · Easy · free sample Worksheet
2. References that break when filled · Medium Worksheet
3. Errors that spread · Hard Worksheet

Mistakes the exercises catch

• Your values match the as-found column, so the ranges are still wrong. Check where each range starts and stops.
• The fourth-quarter total still starts at row 12, which is September. October to December are rows 13-15.
• Your grid repeats the as-found mistake: the references move as they are filled. Use $B6 and I$5.
• Rows below the first pick up a price instead of an increase, because the reference to row 5 moves down. Lock the row: I$5.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Summarize the general ledger by account and month with a PivotTable.

What students do

1. Total spending by account · Easy · free sample Worksheet
2. Accounts by month · Medium Worksheet
3. How many transactions per department · Medium Worksheet
4. One department’s spending by account and month · Hard Worksheet

Mistakes the exercises catch

• The question is about how much was spent, so the values need to be a Sum of Amount. A Count shows how many transactions there were, not their total.
• Each row of the summary should be one of the things the question asks about. Put that field in Rows.
• The summary is on its side. The field you read down the left belongs in Rows; the field that runs across the top belongs in Columns.
• The question asks how many transactions there were. Summarize the values with Count, not Sum: a Sum adds the dollar amounts.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Choose chart types and ranges, add titles and alt text, and lay out a one-page dashboard.

Comes after: Summarize with PivotTables.

What students do

1. Where the money went · Easy · free sample Worksheet
2. Net income month by month · Medium Worksheet
3. Revenue against expenses · Medium Worksheet
4. A one-page dashboard · Hard Worksheet

Mistakes the exercises catch

• The range runs on into the Total row, so the total is drawn as one more month or one more slice and dwarfs the real figures. Stop the ranges at the row just above Total.
• To show how each category makes up the whole, use a pie chart: each slice is a share of the total. A column chart compares sizes but hides the share.
• Add alt text to every chart: a sentence that says what the chart shows and its main point, so someone using a screen reader gets the same message.
• A pie chart shows parts of one whole. Months are a sequence over time, so use a chart with a time axis (a line or column chart) instead.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Calculate fixed loan payments and build a schedule of interest, principal and balance.

What students do

1. Monthly loan payment · Easy · free sample Worksheet
2. Twelve-month amortization schedule · Medium Worksheet
3. Interest and principal in one payment · Hard Worksheet

Mistakes the exercises catch

• Use the monthly rate: divide the annual rate by the payments per year.
• Show the payment as a positive amount: make the loan amount negative inside the function.
• Interest each month is charged on that month's beginning balance, not the original loan amount.
• Use the monthly rate in the payment: divide the annual rate by the payments per year.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Adjust the bank and book balances, and find outstanding checks and deposits in transit with formulas.

What students do

1. Adjusted bank and book balances · Easy · free sample Worksheet
2. Find reconciling items in the lists · Medium Worksheet
3. Full reconciliation from the lists · Hard Worksheet

Mistakes the exercises catch

• Deposits in transit increase the bank balance and outstanding checks reduce it: the bank hasn't recorded either yet.
• The service fee and the NSF check reduce the book balance; only interest earned increases it.
• Outstanding checks are the ones that have NOT cleared: total the checks marked No.
• Only uncleared checks are outstanding. Total just the checks marked No.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Match the book's checks and deposits against the bank statement to find outstanding checks and deposits in transit, then adjust the bank balance.

Comes after: Bank reconciliation.

What students do

1. Which checks are outstanding? · Easy · free sample Worksheet
2. Deposits in transit · Medium Worksheet
3. Adjusted bank balance · Hard Worksheet

Mistakes the exercises catch

• The labels are the wrong way round: a check found in the bank's list has cleared.
• Every check shows Cleared because you searched the book's own list. Search the bank's list in column E.
• The bank's dates are a day or two later than the book's, so matching on date misses deposits that did clear. Match on the amount.
• I1 should total only the deposits in transit, not every deposit.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Age customer invoices into buckets and estimate the allowance for doubtful accounts.

What students do

1. Days outstanding · Easy · free sample Worksheet
2. Aging buckets · Medium Worksheet
3. Allowance for doubtful accounts · Hard Worksheet

Mistakes the exercises catch

• The aging date reference moved when you filled down. Lock it with dollar signs ($B$2).
• Subtract the invoice date from the aging date, so days outstanding are positive.
• Check the boundaries: 30 days belongs in 0-30, 60 in 31-60 and 90 in 61-90.
• Invoices older than 90 days belong in the Over 90 bucket.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Work out vendor due dates and days past due, age payables into buckets, and plan payments that take early-payment discounts.

Comes after: Accounts receivable aging and bad debt.

What students do

1. Due dates and days past due · Easy · free sample Worksheet
2. Age the payables · Medium Worksheet
3. Plan payments and take discounts · Hard Worksheet

Mistakes the exercises catch

• Days past due count from the due date, not the invoice date. Subtract the due date in column G.
• Some invoices aren't due yet and show negative days. Show 0 for those.
• Invoices exactly 30 or 60 days past due are in the wrong bucket. Use "at most" (<=) at the boundaries.
• Payables are aged by days past the due date, not days since the invoice date.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Gross pay with overtime, withholding and net pay, employer payroll taxes and spotting irregularities, using an example rate table.

What students do

1. Gross pay with overtime · Easy · free sample Worksheet
2. Withholding and net pay · Medium Worksheet
3. Employer taxes and review flags · Hard Worksheet

Mistakes the exercises catch

• Hours above the threshold are paid at the overtime multiplier.
• Only the hours above the threshold get the multiplier. The first 40 hours are paid at the regular rate.
• Withholding is calculated on taxable wages (after the pre-tax deduction), not gross pay.
• Net pay also subtracts the employee's Social Security and Medicare.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Work out employer payroll taxes with example rates and wage bases, then flag duplicate IDs, excess hours and pay that doesn't add up.

Comes after: Payroll: gross to net.

What students do

1. Employer taxes at example rates · Easy · free sample Worksheet
2. Taxes that stop at a wage base · Medium Worksheet
3. Spot payroll irregularities · Hard Worksheet

Mistakes the exercises catch

• Lower rows picked up the wrong rate (or a blank cell) because the rate reference moved. Lock it: $J$4 and $J$5.
• Example tax 2 has its own rate in J5.
• Some employees have already earned more than the wage base this year, so part or all of their pay is not taxable.
• The wage base is for the whole year: subtract the wages already earned (column C) before comparing.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Straight-line, double-declining balance and sum-of-the-years' digits depreciation, with book values.

What students do

1. Straight-line and sum-of-the-years' digits · Easy · free sample Worksheet
2. Three-method schedule · Medium Worksheet
3. Declining-balance book values · Hard Worksheet

Mistakes the exercises catch

• Depreciation spreads cost minus salvage value. Include the salvage value.
• B8 asks for year 1, when sum-of-the-years'-digits depreciation is highest.
• Straight-line depreciation is (cost - salvage) / life. Include the salvage value.
• Each row must use its own year from column A. Use a relative reference to A8 and fill down.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.

Project depreciation by usage and from a mid-year start, then forecast a whole asset register year by year.

Comes after: Depreciation schedules.

What students do

1. Depreciation by machine hours · Easy · free sample Worksheet
2. Straight line from a mid-year start · Medium Worksheet
3. Project the whole asset register · Hard Worksheet

Mistakes the exercises catch

• The machine ends below its salvage value. Spread cost minus salvage over the hours, not the full cost.
• Lower rows show errors because the references to B3, B4 and B5 moved. Lock them with dollar signs.
• The asset ends below its salvage value. Depreciate cost minus salvage.
• The first year has only a few months in service, so it gets only that share of a year's depreciation.

In class

Open the free exercise and choose Learn it: the idea, then a worked example with real numbers. Then solve the exercise together and press New numbers, so everyone gets a fresh version to try alone. The lesson guide is a reading to assign before class.

To assign

Ask students to make each exercise fluent: two versions solved on the first try, without hints. Their Progress page shows it. For a paper or in-class check, print a worksheet: each copy can have different numbers.