FINANCIAL STATEMENT TEMPLATES:

Use the specific Microsoft Excel templates posted in the Assignment for each Financial Statement. Youll find these templates in the file called Financial Statements Excel Spreadsheets. These Excel files are handy because they already have the worksheet calculations presetall you have to do is plug in the numbers and the calculations will be performed automatically for you. If you make adjustments to the different values in the Excel worksheets, youll automatically see how changes to expenses, for example, can improve the bottom line.

Be sure to re-label, add or subtract rows as needed for YOUR business, and be sure all rows are incorporated in the Excel calculations as needed.

Hint: Discuss and consider what are the costs of doing business at start-up, Year 2 and Year 3?

Equipment, supplies, salaries, rent, utilities, and insurance are just some of these expenses. Estimate what it will cost to do business for one year. Use your figures to complete the Excel sheets on Income Statements and Balance Sheets as needed.

Hint: The list below provides some hints as to where you can get this information. Note that these are just estimatesjust try your best to include accurate costs for the expenses you think will be a part of doing business.

Hint: Think about the employees in their business and what they will need in order to do their jobs. What computer hardware and software will they need? Will your business need a network and an Internet connection? What type of network? Refer to Chapter 13 for a discussion on IT resources that you may want to consider.

Hint: Many businesseseven small businessesuse databases to keep track of their customers. Will your business require a database? What about other information systems? Refer to Chapter 13 for more information on these topics.

Prepare income statements and balance sheet for Y1,Y2 and Y3 for a mexican resturant located near humber college at lake shore