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Create an Excel workbook to prepare basic financial statements on a monthly basis for a small, family-run business. The goal is to automate financial tracking and analysis, improving efficiency compared to the current paper-based system.

**Task Requirements:**

1. **Workbook Structure:**
- Include the following sheets:
- Balance Sheet
- Income Statement
- Statement of Owner's Equity
- General Journal
- General Ledger

2. **Data Creation:**
- Create a fictional business, including:
- Service or products offered
- Assets and liabilities
- Revenue and expenses
- Equity details

3. **Excel Features:**
- Use advanced Excel functions to:
- Automate calculations
- Link financial statements
- Populate cells with data
- Analyze and organize financial data using formulas and charts

4. **Submission:**
- Provide two Excel workbooks:
- A template for the instructor to test
- A workbook with populated data demonstrating functionality

Remember, the objective is to simplify financial management by transitioning from paper-based tracking to an efficient, automated Excel system.

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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