Assess your business:Fast forward a few months… Your friend asks you how your business is doing and you are unsure how exactly to answer. In fact, you are not necessarily sure how your business is doing since you are so new to this! This part will help you organize your thoughts and come up with a more formalized process and financial reporting can help you demonstrate your success (or lack thereof!).For your cart, come up with a way to determine profit and financial position. Expand your Excel spreadsheet from Part 1 by adding an additional tab. There is no specific format for this. Data should be reasonable based on your projections from Part 1 and include all expenses. Your grade is not dependent on whether you are making a profit.Use the momentum from the discussion forums from Weeks 3 & 5 where we collectively brainstormed methods of determining if the business was profitable and how to measure profitability in a professional format.Include an analysis that summarizes your findings in a professional manner.This part of the project should be approximately 2 – 4 pages, including the financials.

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