How do I write an IF formula for the following statement?
**July’s budgeted expenses are based on the differences between the budgeted and actual expenses for June stored in column D. July’s budgeted expenses will be the same as those for June when the difference is greater than or equal to 0, otherwise they will be 30% more. In column F, enter formulas that use a function to calculate the budgeted expenses for July. Include proper formatting.**
To write an IF formula for the given statement, follow these steps:
Step 1: Select the cell in column F where you want to enter the formula for July's budgeted expenses.
Step 2: Begin typing the formula by typing the equal sign (=).
Step 3: Start the IF function by typing IF(.
Step 4: In the logical_test argument, type the logical condition that will be evaluated. In this case, the condition is "if the difference stored in column D is greater than or equal to 0".
So, the logical_test argument will be: D2>=0 (assuming the first row in column D is D2).
Step 5: After entering the logical condition, separate it from the value_if_true argument by typing a comma (,).
Step 6: In the value_if_true argument, type the value or formula that will be returned if the logical condition is TRUE. In this case, the budgeted expenses for July will be the same as those for June, so you would reference the corresponding cell in column E.
So, the value_if_true argument will be: E2 (assuming the first row in column E is E2).
Step 7: After entering the value_if_true argument, separate it from the value_if_false argument by typing another comma (,).
Step 8: In the value_if_false argument, type the value or formula that will be returned if the logical condition is FALSE. In this case, the budgeted expenses for July will be 30% more than those for June, so you would multiply the corresponding cell in column E by 1.3.
So, the value_if_false argument will be: E2*1.3 (assuming the first row in column E is E2).
Step 9: Close the IF function by typing a closing parenthesis ()).
The complete IF formula for July's budgeted expenses would be: =IF(D2>=0, E2, E2*1.3)
You can then drag the formula down to apply it to the remaining cells in column F for the corresponding rows.
Remember to properly format the cells in column F to display the results as desired, such as applying currency formatting or setting the number of decimal places.