***DUE TODAY 11/03***I need to create an income statement and balance sheet for a clothing store boutique and have no clue what to include in each section. Instructions are attached.
Assignment 2: Create a Financial Template
Overview
The goal of this assignment is to create a financial statement template that will support future classes in determining your income streams and cost centers. For this assignment, you will identify these areas.
Assignment Description
The goal of this assignment is to create a template that will assist you in thinking about your future business concept for your degree and certificate program. To start:
In a minimum 350-word summary in a Word document following MLA format, describe the business concept you would like to write your Portfolio business plan on or apply to your future course projects. You should include a description of the concept, the city in which the business will be located, and type of food/cuisine and menu items.
Open up the CULHRM Financial Template. Then complete the following tasks:
Open up the Income Statement tab. Then go through each of the expense lines and delete the categories that you will not use based upon your concept. For example, a fast food restaurant might not need linen, so that row can be deleted. If you are not serving alcohol, then you can delete those lines. If you have an account that is not listed, then please add it to the sheet along with a brief description.
Complete the revenue portion of the income statement. Remove the categories that do not match your concept.
Complete the top portion with average check, number of seats, turnover (how many people sit in the seats), and the number of days open per year.
Open up the Balance Sheet tab. Then review the different categories of accounts on this page. Remove the accounts that you will not have in your establishment. Add any missing accounts that you may need.
At this time, do not worry about imputing any dollar amounts into the template other than those indicated in step c. You will be entering these amounts in later courses. You will use this template in this class and in other classes for your degree, so make sure you save this in a safe spot. Please remember to provide sources for any information used in your submissions.
| Grading Criteria | Maximum Points |
| Submitted a short overview of the concept establishment. | |
| Completed the Operating portion of the Income Statement template indicating the average check, number of seats, turnover, and days open. | |
| Completed the Revenue portion of the Income Statement Template including the type of sales. | |
| Completed the Expense portion of the Income Statement Template. Expenses not used are deleted from the template. | |
| Completed the Asset Section of the Balance Sheet by removing unneeded accounts and adding additional items as needed. | |
| Completed the Liabilities and Owner’s Equity section of the Balance Sheet by removing unneeded accounts and adding additional items as needed. | |
| Cited references in the correct MLA format. | |
| Total: | 24 |
