This is an issue in Excel beginning with Excel 2007. The spreadsheet is opening up off the screen. In order to rectify this: 


Press CTRL+F10

OR 
  1. Open the spreadsheet.
  2. On the View tab in the Window section, click Arrange All. 
  3. In the “Arrange Windows” window, select Tiled and click OK. The contents of the spreadsheet will now appear.
     
Note: It is likely that you will have to do this each time you open the affected file; there does not appear to be a permanent resolution.