A Balance sheet reflects an individuals or Family assets and liabilities on a specified date
Assets (What you own)-Liabilities (What you owe)= Net worth
Assets | Liabilities | |||
Home | $ 200,000.00 | $ 150,000.00 | Mortgage | |
Vehicle | $ 18,000.00 | $ 4,500.00 | Car Loan | |
Bank Balance | $ 5,000.00 | |||
Total | $ 223,000.00 | $ 154,500.00 | ||
Net Worth | $ 68,500.00 |
Your financial statements reflect your current financial condition and how much you earn and spend in...
Scenario: You are 30 years old and feel like you are getting nowhere with your financial goals. At the end of each month, you have a hard time understanding where all your money went. You have decided it is time to take a hard look at your current financial status. You currently have $80 of cash on hand, a checking account with a balance of $600, and a savings account containing $1,500. You own a small condo currently worth $120,000...
The financial statements of Bamboo, Inc. reflect depreciation expenses of $18,800 and interest expenses of $28,200 for the year. The current assets increased by $17,700 and the net fixed assets increased by $49,700. What is the amount of the net capital spending for the year? $68,500 o $49,700 $64,200 $40,600 QUESTION 2 The balance sheet of a firm shows long-term debt of $235,900 as of last year. Long-term debt is $264,600 as of today, which is the end of the...
Scenario: You are 30 years old and feel like you are getting nowhere with your financial goals. At the end of each month, you have a hard time understanding where all your money went. You have decided it is time to take a hard look at your current financial status. You currently have $80 of cash on hand, a checking account with a balance of $600, and a savings account containing $1,500. You own a small condo currently worth $120,000...
The primary purpose of the statement of financial position of a business is to reflect A. The fair value of the entity’s assets at some moment in time. B. The status of the entity’s assets in case of forced liquidation. C. The entity’s potential for growth in stock values in the stock market. D. Items of value, debts, and net worth. (correct answer) A. Assets are reported in the balance sheet using various measurement attributes, including but not limited to...
Which one of the following statements best explains the most important difference between the balance sheet and the profit and loss statement? The income statement presents the economic and operational results of financial performance of firms by considering revenues and expenses over a specific operating period. The balance sheet reflects the financial condition with its sections on a particular date or specific point in time. The balance sheet is prepared on cumulative basis (over a period of time, such as...
Which one of the following statements best explains the most important difference between the balance sheet and the profit and loss statement? The income statement presents the economic and operational results of financial performance of firms by considering revenues and expenses over a specific operating period. The balance sheet reflects the financial condition with its sections on a particular date or specific point in time. The balance sheet is prepared on cumulative basis (over a period of time, such as...
5.Which of the following is NOT true about financial statements?the balance sheet reports the financial position of a business at a particular point in timethe income statement reports the net cash received during the period as a result of operating activitiesthe statement of cash flows reports the inflows and outflows of cash for the periodthe statement of stockholders' equity includes information about net income and dividends for the period6.Which of the following best describes the purpose of the balance sheet?summarize...
2. Balance sheet - Net worth and interpreting the data The following is a partial balance sheet for Andy and Kim Garza. Complete the balance sheet by determining their total assets, total current liabilities, long-term liabilities, and net worth. Balance Sheet Name(s): Andy and Kim Garza Date: December 31, 2012 Assets Liabilities and Net Worth Current Liabilities Liquid Assets Cash Checking Electric $350.17 $195.75 215.33 244.69 Water 150.07 Savings Insurance premiums Total Liquid Assets: $655.77 1,125.00 Mortgage 833.33 750.38 Investments...
(Preparing common-size financial statements) As the newest hire to the financial analysis group at Patterson Printing Company, you have been asked to perform a basis financial analysis of the company's most recent financial statements. The 2016 balance sheet and income statement for the Patterson are shown here: :: a. After discussing your training asignment with a fellow analyst who was hired last year, you learn that the first step in your completing the assignment is to prepare a common-size balance...
Uncle Ernie's Lumber Emporium Read the following scenario and complete the financial statements and calculate the appropriate financial ratios I have attached a file containing an Excel spreadsheet for your convenience Part-1 Your uncle Ernie just passed away and left you his lumber yard. The will says that you must operate the lumberyard for at least five years after his death; after the five year period you can sell it or continue to operate it. Going through last year's records...