ASSIGNMENT 1: Competency in Microsoft ExcelDue Week 5 and worth 200 pointsYour firm has just lost its accounting system. The only thing you have left is the financial reports from the December 31, 20XA and June 30, 20XB reporting period, but the data is garbled. You have been asked by your Controller to reconstruct the Balance Sheet & Income Statements in Excel for each of these reporting periods as well as performing the following ratio analyses: (a) current ratio ; (b) quick ratio; (c) debt ratio; (d) equity ratio; (f)debt-to-equity ratio ;and (g) profit margin for eachreportingperiod.To complete Assignment 1,please download ACC306 – Assignment 1Excel File.Part I:Using the data provided by your professor, create an Excel worksheet that contains the firm’s balance sheet and income statement. You will be required to use formulas and/functions to recreate the firm’s financial statements, such as the items in YELLOW.Using the data from your balance sheet and income statement, conduct the requested ratio analyses.You will submit one Excel workbook for Part IPart IIWrite a two to three (2-3) page memo in which you summarize the firm’s financial position, based on the information provided in Part I.The memo will be submitted electronically as a Microsoft Word document with SWS formatting.Your assignment must follow these formatting requirements:This course requires use of new Strayer Writing Standards (SWS). The format is different than other Strayer University courses. Please take a moment to review the SWS documentation for detailsBe typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides. Check with your professor for any additional instructions.Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.The specific course learning outcomes associated with this assignment are:Demonstrate the use of various functions and applications in Microsoft Excel for accounting records and reports.