Three-statement & valuation models
Build or fix linked financial models and valuations in spreadsheets.
20 project-authored proposals · taxonomy v1.1 · 0 new benchmark runs. Verifiers and partial-credit rules below are designs, not executed results.
Previous class address: R05.02.01.01 · Original proposal IDs are retained.
- Typical applications
- Excel · Google Sheets
- Class GUI-need label
HY· Hybrid
Task proposals · 20
Expand to inspect the complete original wording and proposed checks. Original proposal text remains English in both interfaces.
R05.02.01.01-T01 Fix three seeded errors so the model's control check reads zero
Original instruction
Excel workbook input/acme_model.xlsx (IS, BS, CF, Opex, Control). Three errors were seeded: an absolute-reference mistake, a hard-coded override in Opex, and a SUM that omits the last row. Fix only those cells so Control!B2 (BS balance check, all years) equals 0. Save as output/acme_model_fixed.xlsx.
- Platforms
mac· macOSwin· Windows- Applications
- Excel
- Interfaces
desk· Desktop GUI- GUI need · task setting
HY· Hybrid- GUI need · ordinary access
CL· CLI-sufficient- Interaction primitives
click· Point & clicktype· Text & forms- Work product
WP02· Records/table- Conditions
- None declared
- Proposed difficulty
- 2 / 5
Proposed verifier
Grader diffs formulas vs key: the 3 seeded cells corrected, no other formula changed; Control!B2 = 0 after recalculation; grader recalculates in LibreOffice headless under 3 perturbed assumption sets and requires the checks to hold, so pasted values fail.
Proposed partial credit
30% error 1 fixed; 30% error 2 fixed; 30% error 3 fixed; 10% no collateral changes
R05.02.01.01-T02 Link cash-flow ending cash to the balance sheet in Google Sheets
Original instruction
Google Sheets copy of 'Lumen 3-Statement' (shared to the agent account). The balance sheet cash line for FY2026-FY2030 is hard-coded. Replace it with links to ending cash on the CF tab and make the CF beginning cash link to prior-year BS cash, so the 'Check' row is zero in every year.
- Platforms
web· Any OS (web)- Applications
- Google Sheets
- Interfaces
brow· Browser- GUI need · task setting
HY· Hybrid- GUI need · ordinary access
G2· GUI-essential- Interaction primitives
click· Point & clicktype· Text & forms- Work product
WP02· Records/table- Conditions
- None declared
- Proposed difficulty
- 2 / 5
Proposed verifier
Grader reads the sheet via Sheets API (admin): BS cash cells are formulas referencing CF ending cash; CF beginning cash references prior BS; check row zero for all years and under 3 perturbed growth inputs set by the grader.
Proposed partial credit
40% BS cash linked; 30% beginning cash linked; 30% check row zero under perturbations
R05.02.01.01-T03 Rerun the DCF at a 9.5% WACC and report the implied share price
Original instruction
Excel workbook input/dcf_kestrel.xlsx with a working DCF. Change the WACC input on 'Assumptions' to 9.5% (do not edit any other cell), recalculate, and write the implied share price rounded to 2 decimals to output/answer.txt. Save the workbook as output/dcf_kestrel_95.xlsx.
- Platforms
mac· macOSwin· Windows- Applications
- Excel
- Interfaces
desk· Desktop GUI- GUI need · task setting
HY· Hybrid- GUI need · ordinary access
CL· CLI-sufficient- Interaction primitives
click· Point & clicktype· Text & forms- Work product
WP12· Answer/decision- Conditions
- None declared
- Proposed difficulty
- 1 / 5
Proposed verifier
Answer equals key to the cent; saved workbook differs from input only in the WACC cell (cell-level diff).
Proposed partial credit
60% correct price; 40% only WACC changed
R05.02.01.01-T04 Extend a three-statement model five years from the assumptions tab
Original instruction
Excel template input/northwind_3s.xlsx has FY2021-FY2025 actuals on IS, BS, CF and drivers on 'Assumptions' (growth, margins, DSO/DIO/DPO, capex % sales, D&A, tax, dividends, debt repayments). Build FY2026-FY2030 projections on all three statements with no hard-coded numbers in projection columns; cash is the plug through the CF; BS check row must be 0 each year.
- Platforms
mac· macOSwin· Windows- Applications
- Excel
- Interfaces
desk· Desktop GUI- GUI need · task setting
HY· Hybrid- GUI need · ordinary access
CL· CLI-sufficient- Interaction primitives
click· Point & clicktype· Text & formsnav· Pan/zoom/scroll- Work product
WP02· Records/table- Conditions
long· Long-horizon- Proposed difficulty
- 4 / 5
Proposed verifier
Grader: every projection cell is a formula; key line items within 0.1% of key; check row 0 for all years; grader recalculates in LibreOffice headless under 3 perturbed assumption sets and requires the checks to hold, so pasted values fail. Control pair: T16.
Proposed partial credit
30% IS projections; 30% BS working capital and PP&E; 25% CF ties; 15% check zero under perturbations
R05.02.01.01-T05 Build a mid-year-convention DCF tab that hits the reference share price
Original instruction
Excel workbook input/orion_model.xlsx contains projected unlevered free cash flows. Add tab 'DCF' computing UFCF discount factors with mid-year convention at WACC 9.0%, terminal value by Gordon growth at 2.5%, EV, net debt bridge from BS (2025A), equity value and implied price per diluted share (treasury method from 'Shares').
- Platforms
mac· macOSwin· Windows- Applications
- Excel
- Interfaces
desk· Desktop GUI- GUI need · task setting
HY· Hybrid- GUI need · ordinary access
CL· CLI-sufficient- Interaction primitives
click· Point & clicktype· Text & forms- Work product
WP02· Records/table- Conditions
- None declared
- Proposed difficulty
- 3 / 5
Proposed verifier
Implied price within +-0.5% of key; mid-year factors verified by checking discount-factor cells; terminal value formula references final-year UFCF; grader recalculates in LibreOffice headless under 3 perturbed assumption sets and requires the checks to hold, so pasted values fail.
Proposed partial credit
25% discount factors; 25% terminal value; 25% equity bridge; 25% price within tolerance
R05.02.01.01-T06 Add a WACC by terminal-growth sensitivity table using Excel's Data Table
Original instruction
Excel workbook input/dcf_kestrel.xlsx. On 'DCF', build a 5x5 sensitivity of implied share price to WACC (8.0-10.0%, 0.5% steps) and terminal growth (1.5-3.5%) using What-If Analysis > Data Table referencing the existing inputs. Format as 0.00 and conditionally shade cells above the current price green.
- Platforms
mac· macOSwin· Windows- Applications
- Excel
- Interfaces
desk· Desktop GUI- GUI need · task setting
G2· GUI-essential- GUI need · ordinary access
G2· GUI-essential- Interaction primitives
click· Point & clicktype· Text & forms- Work product
WP02· Records/table- Conditions
- None declared
- Proposed difficulty
- 3 / 5
Proposed verifier
Sheet XML must contain a dataTable formula (t='dataTable', r1/r2 pointing at WACC and g); computed grid within 0.01 of key; conditional format rule present. A grid of pasted values or per-cell formulas fails. Agent VM has no Python/openpyxl and Excel macros are disabled; the workbook must be saved by Excel (docProps/app.xml AppVersion checked).
Proposed partial credit
50% genuine Data Table with correct inputs; 30% values match key; 20% formatting rule
R05.02.01.01-T07 Add a revolver with average-balance interest and iterative calculation
Original instruction
Excel workbook input/pinecrest_model.xlsx. Add a revolver to the debt schedule: draws when cash would fall below 5,000, repays when excess cash exists, limit 50,000, interest 7% on average balance flowing to the IS. Enable iterative calculation and add a circularity breaker toggle on 'Assumptions'.
- Platforms
mac· macOSwin· Windows- Applications
- Excel
- Interfaces
desk· Desktop GUI- GUI need · task setting
HY· Hybrid- GUI need · ordinary access
CL· CLI-sufficient- Interaction primitives
click· Point & clicktype· Text & forms- Work product
WP02· Records/table- Conditions
- None declared
- Proposed difficulty
- 4 / 5
Proposed verifier
Grader: workbook calcPr iterate=1; cash >= 5,000 all years; revolver balances and interest within 0.1% of key; toggle=0 yields zero revolver interest; grader recalculates in LibreOffice headless under 3 perturbed assumption sets and requires the checks to hold, so pasted values fail.
Proposed partial credit
25% iterative calc and breaker; 35% draw/repay logic; 25% interest on average balance to IS; 15% cash floor holds
R05.02.01.01-T08 Use Goal Seek to find the exit multiple that delivers a 20% IRR
Original instruction
Excel LBO workbook input/lbo_aster.xlsx. Use Goal Seek on 'Returns' to find the exit EV/EBITDA multiple that makes sponsor IRR exactly 20.0%, leave that multiple in the input cell, and record it to 2 decimals in output/answer.txt.
- Platforms
mac· macOSwin· Windows- Applications
- Excel
- Interfaces
desk· Desktop GUI- GUI need · task setting
G2· GUI-essential- GUI need · ordinary access
CL· CLI-sufficient- Interaction primitives
click· Point & clicktype· Text & forms- Work product
WP12· Answer/decision- Conditions
- None declared
- Proposed difficulty
- 3 / 5
Proposed verifier
IRR cell recalculates to 20.00% +-0.01pp; multiple in input cell matches key +-0.01x; no other inputs changed (diff). Rubric not needed. Agent VM has no Python/openpyxl and Excel macros are disabled; the workbook must be saved by Excel (docProps/app.xml AppVersion checked).
Proposed partial credit
60% IRR within tolerance; 20% only exit multiple changed; 20% answer file
R05.02.01.01-T09 Add a Base, Upside and Downside case switch driven by a dropdown
Original instruction
Excel workbook input/lumen_model.xlsx. On 'Assumptions', add a case selector cell with data-validation list Base/Upside/Downside, a 3-column block for growth, gross margin and DSO per input/cases.pdf, and live driver cells using CHOOSE or INDEX/MATCH so the whole model flips by case.
- Platforms
mac· macOSwin· Windows- Applications
- Excel
- Interfaces
desk· Desktop GUI- GUI need · task setting
HY· Hybrid- GUI need · ordinary access
CL· CLI-sufficient- Interaction primitives
click· Point & clicktype· Text & forms- Work product
WP02· Records/table- Conditions
- None declared
- Proposed difficulty
- 3 / 5
Proposed verifier
Grader sets the selector to each case and recalculates: FY2030 EBITDA and ending cash equal key per case within 0.1%; data validation list present; drivers are formulas.
Proposed partial credit
25% selector with validation; 25% case inputs per PDF; 50% model flips correctly in all 3 cases
R05.02.01.01-T10 Build a valuation football-field chart from method ranges
Original instruction
Excel workbook input/valuation_summary.xlsx lists low/high implied share prices for 52-week range, comps, precedents, DCF and LBO. Build a horizontal floating-bar football field (invisible base series), methods ordered as listed, data labels at both ends, and a dashed vertical line at the current price 41.20. Save chart on 'Summary'.
- Platforms
mac· macOSwin· Windows- Applications
- Excel
- Interfaces
desk· Desktop GUI- GUI need · task setting
G2· GUI-essential- GUI need · ordinary access
CL· CLI-sufficient- Interaction primitives
click· Point & clickdrag· Drag & dropvis· Visual judgment- Work product
WP03· Visual layout- Conditions
- None declared
- Proposed difficulty
- 3 / 5
Proposed verifier
Chart XML: barDir=bar, stacked, first series no fill, category order matches, low/high values equal ranges; reference line series at 41.20 with dash style. VLM rubric on rendered PNG only for label legibility (20%). Agent VM has no Python/openpyxl and Excel macros are disabled; the workbook must be saved by Excel (docProps/app.xml AppVersion checked).
Proposed partial credit
40% correct floating bars; 20% order and labels; 20% current-price line; 20% VLM legibility
R05.02.01.01-T11 Value a target from a trading comps snapshot
Original instruction
Excel workbook input/comps_snapshot.xlsx holds a frozen 2026-09-30 snapshot for 9 peers (price, shares, net debt, NTM EBITDA, NTM EPS). On 'Comps', compute EV, EV/EBITDA and P/E per peer, mean and median excluding the two flagged outliers, then apply median multiples to the target's NTM figures to give an implied price range on 'Output'.
- Platforms
mac· macOSwin· Windows- Applications
- Excel
- Interfaces
desk· Desktop GUI- GUI need · task setting
HY· Hybrid- GUI need · ordinary access
CL· CLI-sufficient- Interaction primitives
click· Point & clicktype· Text & forms- Work product
WP02· Records/table- Conditions
- None declared
- Proposed difficulty
- 3 / 5
Proposed verifier
Multiples per peer, medians (excluding outliers) and implied price low/high within 0.5% of key; formulas, not values; outlier exclusion by flag not by deletion.
Proposed partial credit
30% EV and multiples; 30% stats exclude outliers; 40% implied range correct
R05.02.01.01-T12 Build a 13-week cash flow forecast in Google Sheets
Original instruction
Google Sheets workbook '13W Cash - Orbit Labs' with tabs AR_Aging, AP_Aging, Payroll and Assumptions. Build tab '13W' from week ending 2026-10-16: collections by aging bucket and collection rates, AP by due date, biweekly payroll, rent on the 1st; show weekly net flow, ending cash and minimum-cash breach flags (< 250,000).
- Platforms
web· Any OS (web)- Applications
- Google Sheets
- Interfaces
brow· Browser- GUI need · task setting
HY· Hybrid- GUI need · ordinary access
G2· GUI-essential- Interaction primitives
click· Point & clicktype· Text & forms- Work product
WP02· Records/table- Conditions
- None declared
- Proposed difficulty
- 3 / 5
Proposed verifier
Grader via Sheets API: 13 week columns; weekly ending cash within 1.00 of key; breach flags equal key weeks; formulas referencing source tabs (grader edits AR collection rate and rechecks).
Proposed partial credit
30% collections; 25% disbursements; 30% ending cash path; 15% breach flags
R05.02.01.01-T13 Repair seventeen #REF! errors left by a deleted rates column
Original instruction
Excel workbook input/opco_budget.xlsx. Someone deleted a column on 'Rates', leaving 17 #REF! formulas across Revenue and Payroll. The previous version's formula pattern is in input/formula_notes.pdf. Restore each to reference the correct column on 'Rates' (now column C) so totals match the prior close pack, without touching other cells.
- Platforms
mac· macOSwin· Windows- Applications
- Excel
- Interfaces
desk· Desktop GUI- GUI need · task setting
HY· Hybrid- GUI need · ordinary access
CL· CLI-sufficient- Interaction primitives
click· Point & clicktype· Text & formsnav· Pan/zoom/scroll- Work product
WP02· Records/table- Conditions
- None declared
- Proposed difficulty
- 3 / 5
Proposed verifier
No #REF! remains; each repaired formula references Rates!C rows per key; Revenue and Payroll totals equal key; cell diff shows only the 17 cells changed.
Proposed partial credit
60% cells repaired (per cell); 25% totals match; 15% no collateral changes
R05.02.01.01-T14 Track down and break an unintended circular reference
Original instruction
Excel workbook input/hx_model.xlsx opens with a circular-reference warning; iterative calculation is off and must stay off. Using formula auditing, find the unintended circular chain (interest on ending debt feeding cash sweep), change it to beginning-of-period balance as the model notes specify, and write the cells in the loop to output/loop.txt.
- Platforms
mac· macOSwin· Windows- Applications
- Excel
- Interfaces
desk· Desktop GUI- GUI need · task setting
G2· GUI-essential- GUI need · ordinary access
CL· CLI-sufficient- Interaction primitives
click· Point & clicknav· Pan/zoom/scroll- Work product
WP02· Records/table- Conditions
hidden· Hidden/stale state- Proposed difficulty
- 3 / 5
Proposed verifier
Workbook has no circular references (LibreOffice recalculation reports none) with iterate=0; interest now references beginning balance; loop.txt lists key cells; net income within 0.1% of key. Agent VM has no Python/openpyxl and Excel macros are disabled; the workbook must be saved by Excel (docProps/app.xml AppVersion checked).
Proposed partial credit
40% circularity removed correctly; 30% loop cells identified; 30% outputs match key
R05.02.01.01-T15 Model a cash sweep with mandatory amortization across two term loans
Original instruction
Excel LBO workbook input/lbo_aster.xlsx. Build the debt schedule for Term Loan A (5% annual amortization) and Term Loan B (1%) with an excess-cash sweep: 75% of FCF after mandatory payments to TLA until repaid, then TLB; minimum cash 10.0m. Interest on beginning balances. Link to IS, CF and the returns tab.
- Platforms
mac· macOSwin· Windows- Applications
- Excel
- Interfaces
desk· Desktop GUI- GUI need · task setting
HY· Hybrid- GUI need · ordinary access
CL· CLI-sufficient- Interaction primitives
click· Point & clicktype· Text & forms- Work product
WP02· Records/table- Conditions
- None declared
- Proposed difficulty
- 4 / 5
Proposed verifier
Balances by tranche and year, interest and sponsor IRR within 0.1% of key; minimum cash never breached; grader recalculates in LibreOffice headless under 3 perturbed assumption sets and requires the checks to hold, so pasted values fail.
Proposed partial credit
30% mandatory amortization; 35% sweep waterfall; 20% links to statements; 15% IRR matches
R05.02.01.01-T16 Extend the same three-statement model with Python only (control pair of T04)
Original instruction
Control pair of T04. Same input/northwind_3s.xlsx. Without opening Excel, use openpyxl to write formula-based FY2026-FY2030 projections, recalculate with LibreOffice headless, and save output/northwind_3s_py.xlsx satisfying the same rules (formulas only, BS check 0).
- Platforms
lin· Linuxmac· macOS- Applications
- Python · openpyxl · LibreOffice
- Interfaces
term· Terminal- GUI need · task setting
CL· CLI-sufficient- GUI need · ordinary access
CL· CLI-sufficient- Interaction primitives
code· Code & commands- Work product
WP02· Records/table- Conditions
- None declared
- Proposed difficulty
- 4 / 5
Proposed verifier
Identical grader to T04 (formulas, key line items, check row, perturbations); scores compared with T04 to measure the GUI vs CLI gap.
Proposed partial credit
30% IS; 30% BS; 25% CF; 15% check zero under perturbations
R05.02.01.01-T17 Build an accretion/dilution analysis for a stock-and-cash merger
Original instruction
Excel workbook input/merger_inputs.xlsx with acquirer and target projections. Build a merger model: offer at 30% premium, 60% stock / 40% cash funded by new debt at 6.5%, synergies phased 25/75/100%, transaction fees amortized; compute pro forma EPS and accretion/dilution for FY2026-FY2028 and a premium-by-stock-mix sensitivity.
- Platforms
mac· macOSwin· Windows- Applications
- Excel
- Interfaces
desk· Desktop GUI- GUI need · task setting
HY· Hybrid- GUI need · ordinary access
CL· CLI-sufficient- Interaction primitives
click· Point & clicktype· Text & forms- Work product
WP02· Records/table- Conditions
- None declared
- Proposed difficulty
- 4 / 5
Proposed verifier
Pro forma EPS and accretion % per year within 0.5% of key; sensitivity grid values match key; grader perturbs synergy and debt rate inputs and rechecks.
Proposed partial credit
20% purchase price and funding; 35% pro forma EPS; 25% accretion/dilution; 20% sensitivity
R05.02.01.01-T18 Build a full LBO with sources and uses, three tranches and returns
Original instruction
Excel, blank workbook plus input/lbo_case_orion.pdf (case study: entry 9.0x LTM EBITDA, TLB 4.0x, senior notes 1.5x, PIK holdco 0.5x, fees, 5-year hold). Build Sources & Uses, operating model, debt schedule (PIK accrues), cash flow, exit at entry multiple, sponsor IRR and MOIC, plus an exit-multiple x year IRR grid.
- Platforms
mac· macOSwin· Windows- Applications
- Excel · Adobe Acrobat Reader
- Interfaces
desk· Desktop GUI- GUI need · task setting
HY· Hybrid- GUI need · ordinary access
CL· CLI-sufficient- Interaction primitives
click· Point & clicktype· Text & formsnav· Pan/zoom/scroll- Work product
WP02· Records/table- Conditions
long· Long-horizon- Proposed difficulty
- 5 / 5
Proposed verifier
Grader maps named output cells (template range names required): S&U balances, debt balances, IRR and MOIC within 0.5% of key; IRR grid matches; formulas only; grader recalculates in LibreOffice headless under 3 perturbed assumption sets and requires the checks to hold, so pasted values fail.
Proposed partial credit
15% S&U; 25% operating model; 30% debt incl. PIK; 30% IRR/MOIC and sensitivity grid
R05.02.01.01-T19 Rebuild a linked three-statement model from a PDF-only annual report
Original instruction
input/helix_ar_2025.pdf is a scanned annual report (no XBRL). Transcribe FY2023-FY2025 IS, BS and CF into Excel, then build a linked 5-year projection with working-capital days, PP&E roll-forward, debt schedule and a DCF. Statements must balance in history and projection.
- Platforms
mac· macOSwin· Windows- Applications
- Excel · Adobe Acrobat Reader
- Interfaces
desk· Desktop GUI- GUI need · task setting
HY· Hybrid- GUI need · ordinary access
CL· CLI-sufficient- Interaction primitives
click· Point & clicktype· Text & formsvis· Visual judgmentmulti· Cross-app- Work product
WP02· Records/table- Conditions
long· Long-horizonmultiapp· Multi-app- Proposed difficulty
- 5 / 5
Proposed verifier
Historical cells equal key (tolerance 0.5 unit, scanned values); history and projection balance checks zero; DCF price within 1% of key built from stated assumptions; projections are formulas.
Proposed partial credit
30% historical transcription accuracy; 20% history balances; 30% projections balance; 20% DCF
R05.02.01.01-T20 Find and fix twelve planted errors in a nine-tab operating model
Original instruction
Excel workbook input/model_review_9tab.xlsx (IS, BS, CF, Debt, PP&E, WC, Tax, DCF, Control) contains 12 planted errors: sign flips, wrong-year links, units mismatch, double-counted D&A, unit errors in tax, hard-codes, range omissions. Fix all, list each fixed cell with a one-line reason in tab 'Review Log'.
- Platforms
mac· macOSwin· Windows- Applications
- Excel
- Interfaces
desk· Desktop GUI- GUI need · task setting
HY· Hybrid- GUI need · ordinary access
CL· CLI-sufficient- Interaction primitives
click· Point & clicktype· Text & formsnav· Pan/zoom/scroll- Work product
WP02· Records/table- Conditions
long· Long-horizonhidden· Hidden/stale state- Proposed difficulty
- 5 / 5
Proposed verifier
Grader checks each of the 12 key cells' formulas against reference; Control checks all zero; outputs within 0.1% of key; review log lists cell addresses (exact). Extra changes are penalized via cell diff.
Proposed partial credit
70% per error fixed (12 items); 15% outputs match; 15% review log accuracy
Mapped research references
Existing benchmark-to-class links from the research catalog. They are not record-level annotations, executions or product endorsements.