A financial statement template will provide information about the financial position of a business like income statement, balance sheet, statement of retained earnings, profit and loss statement and petty cash sheet. A financial statement may be prepared on weekly, monthly, semi-annually or yearly basis. Information provided in the financial statement will be further used in making different financial decisions and to calculate different financial ratios. Proper formats are being used for drafting these financial statements for instance in a balance sheet, assets will be mentioned on one side and all business liabilities will be placed on the other side. Total…