Study the SBA site that discusses the preparation financial statements athttps://www.sba.gov/starting-business/business-financials/preparing-financial-statements.Think about these financial statements in terms of your existing or proposed small business.Complete the following:

1. Remind your fellow students of the business that you currently run or hope to run some day. (Coffee Shop)
2. Identify and describe at least 4 assets that will likely appear on your firm's balance sheet.Keep in mind that generally "Cash" includes your checking and passbook savings accounts as well as cash on hand.Please don't consider these assets to be more than one account.
3. Will there be fixed assets on your balance sheet?If so, please describe.If not, explain why the firm doesn't need fixed assets. Many fixed assets are depreciated and also affect your income statement.
4. Identify and describe at least 2 liabilities that will likely appear on your firm's balance sheet.What parties are likely to be owed money by your firm on a regular basis?
5. On your income statement, what will be the two largest expenses that are likely to appear for your firm?