Finance and Accounting mini-financial plan“Net worth Project description Create a mini-financial plan for a fictitious client couple in their 30’s who is struggling with their debts. They each have full-time jobs, earning salaries of $50,000 per year (each), before deductions. They have one child, age 5. They are able to meet their monthly expenses including debt payments, but they are unable to save anything for other goals such as long term savings, education savings, and a home purchase. They have come to you for help in formulating a reasonable goal to repay their outstanding debts within the next 5 years so that they can get started with other goals. 1. Net Worth: Create a net worth statement and a cash flow statement for your clients that could be probable or likely in this scenario of strained cash flow and inability to save. Assume that they each have a car loan, a student loan, and a credit card balance carried forward. Your net worth statement should have multiple entries and show liquid assets, household/personal assets, investment assets, current liabilities and long term liabilities. Make sure you use examples from the textbook or other high-quality sources to establish the proper format for the net worth statement. Your net worth and cash flow statements MUST be done in excel. Formatting of your statements is important and contributes to the ease of understanding the information. Make sure that all columns of numbers are aligned at the decimal place. Be consistent throughout your document about number of decimal places, use of a comma separator, and use of $ signs. Balance the chart on the page, and create a similar design for all your statements. Try to put each statement on a single page, but if you must run over the page, make sure you repeat your headings on the second page. You must create professional“looking documents that are logical and easy to read. Make sure to label all documents with the document name (Eg Net Worth or Cash Flow), owner (client) name, and date.