Prior to beginning work on this assignment, review the current

Prior to beginning work on this assignment, review the current financial statements of Starbucks through Yahoo! Finance Links to an external site.or the EDGAR | Company Filings Links to an external site.database in the Filings and Forms page. You can access the financial statements by going to the Yahoo! Finance webpage, typing in the stock symbol of Starbucks, and then clicking on the “Financials” tab.  Reviewing the previous quarter’s financial statements will provide you with data to construct pro forma financial statements for Starbucks and make some basic projections. This week, you will be charged with constructing two pro forma financial statements and addressing some questions about your projections. The two financial statements will include an Income Statement and Balance Sheet. To begin your assignment, download the Financial Forecasting Template Download Financial Forecasting Template. Part 1 Use the EDGAR | Company Filings Links to an external site.or Yahoo! Finance Links to an external site.database to download the last 10-Q from Starbucks into Excel. Use the downloaded data to complete the Income Statement and Balance Sheet on the appropriate tabs in the Financial Forecasting Template. Assume the following: Sales will increase for the next quarter by the same percentage increase from the previous quarter to the last reported quarter. For example, if sales increased 8% from the last quarter to the current reported quarter, you will use 8% as the sales increase for your pro formas. Calculate the expenses to determine what will change and what will remain the same. Note: Not all costs are associated with the cost of sales. It will be up to you to determine which line items need to be increased and which ones need to be left alone. This will require you to distinguish between fixed and variable costs. For a reminder of the difference between fixed and variable costs, please watch the video Business Costs (Fixed Costs and Variable Costs) ExplainedLinks to an external site.. Within each line item expense explain your rationale, as well as provide a brief summary. Part 2 Then, calculate a quarterly variance analysis using the Variance Analysis tab of the Financial Forecasting Template (the same template you used for Part 1). Complete the following in your variance analysis: In the Excel template, insert the line items. In Column C, (Q4, 20NN) enter the previous quarter’s numbers as the budget. In Column D, (Q1, 20NN) enter the current quarter’s actual numbers. In Column E, the spreadsheet will calculate the dollar difference between the budget and actual numbers. In Column F, the spreadsheet will calculate the percentage change. In Column G, analyze and speculate the rationale for the variances. PLAGIARISM CHECK WILL BE DONE FOR ALL ASSIGNMENTS