Do the following quiz in Excel. Use a single worksheet for each question. Set up the answer with the dates in columns and the income statement or balance sheet items in rows. On the balance sheet the assets and liabilities should be in the same column. Use links between worksheets so the system works even if you change earlier numbers. Assume you have started a new company on the first day of the year. You raise $100,000 from family and friends, and borrow $40,000 from the bank on a ten-year, 8% note, with 10% of the original principle due each year (on the morning of Dec. 31.) Your company sells only for cash, and holds no inventory. All labor and materials are paid for at delivery. Properly label all accounts. 1. Show the balance sheet for Jan. 1, 2002. 2. On Jan 2, 2002 you buy a machine for $75,000. It has a five-year life, and is depreciated straight-line. Show the balance sheet for Jan. 2, 2002. 3. Your sales for the 2002 are $200,000 and for 2003 they are $250,000. Cost of goods sold is 34% of sales, and labor is 38% of sales. Taxes are at 34%. Investors are paid 50% of earnings as dividends. Show the income statement and balance sheet for 2002 and 2003. Assume debt repayments are made on the morning of Dec. 31 of each year. Show details on GFA and Accumulated Depreciation. What is the cash flow available for each year? 4. Show the cash T account for 2002 and 2003. Show all cash expenses off the income statement. Explain how this ties into cashflow