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Answer :
In the given scenario, the manager of the small, family-run business approaches the assistant to prepare a worksheet template that includes a balance sheet, income statement, statement of owner's equity, general journal, and a general ledger. This worksheet template must be able to prepare basic financial statements on a monthly basis. The manager needs to be able to open one Excel workbook at the end of every month and easily populate data into the spreadsheet to see the financial situation of the business.
The workbook should automate calculations and population of data in the spreadsheets. Advanced Excel functions must be used to analyze and organize the data. Formulas should be used to link the financial statements together and create automated calculations that will populate cells in all of the financial statements. Moreover, Excel workbooks should be submitted which includes one template for the instructor to test and one with populated data to prove that it works. Its assets and liabilities, revenue, expenses, and equity. For instance, a hypothetical business can be a coffee shop, which sells coffee, tea, pastries, sandwiches, and other beverages and snacks. The assets can be coffee machines, refrigerators, ovens, tables, and chairs, and the liabilities can be loans taken from banks. The revenue can come from sales, and the expenses can include rent, utilities, supplies, and wages. The equity can be the money invested by the owners in the business.
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