Excel Assignment (Financial Statements) This is an individual assignment, not a team assignment. In order to complete this assignment, you must turn in a SINGLE Excel file (with your name) that includes ALL of the following models (you may put them on separate worksheets or pages, but make sure that they are clearly labeled): A: Income Statement 1. Create a simple income statement model that includes at least the following elements: (Sales, COGS, Depreciation, Interest Expense, EBIT, Taxes, EAT). 2. Please see Demo 1A for suggestions on how to do this. B: Balance Sheet 1. Create a simple balance sheet model that includes at least the following elements: (Current Assets, Cash, A/R, Inventory, Total Current Assets, Fixed Assets, Net Fixed Assets, Total Assets, Current Liabilities, Accounts Payable, Notes Payable, Total Current liabilities, Long Term Debt, Owners Equity, Common stock and Paid-In Surplus, Retained Earnings, Total Owners Equity, Total Liabilities and Owners Equity. 2. Please see Demo 1B for suggestions on how to do this. C: Combined Income Statement and Balance Sheet 1. Create a new income statement and balance sheet (separate from the above) that are linked to EACH OTHER. Please account for the following (please note that this is a general exercise and that there are some specific accounting nuances that may be difficult to resolve given this limited amount of data...please see the instructor if you are having difficulty): Revenue $100,000 (this should be an input field) COGS 50% of revenue Taxes 35% rate Dividends 50% of Net Income Interest Expense 12% of Long-Term Debt (Balance Sheet) Depreciation 20% of Net Fixed Assets (Balance Sheet) Number of shares 100,000 (input field) EPS (calculate) Current Assets Cash $20,000 (input field) A/R 20% of Sales (Income statement) Inventory $20,000 (input field) Total Current Assets (calculation) Fixed Assets Net Fixed Assets $75,000 (input field) Total Assets (Calculation) Liabilities and Owners Equity