Question

In this assignment, begin establishing a personal financial plan. develop a long and short term financial goals, you will plan appropriately and make adjustments to reflect your intentions as well as outline steps to make necessary changes. Help me to make 4 spreadsheets on- 1. Personal Financial Goal 2.Financial Objectives 3.Balance Sheet 4.Simplified Income Statement worksheet and write a 2-3 page summary. Thank you so much for your help!!

Answer 1

1)personal financial goal. No one cares about your financial well-being more than you, so it's important to have a financial plan for yourself. Having a solid financial plan will allow you to save money, afford the things you really want, and achieve long-term goals like saving for college and retirement.

What are short-term financial goals?

Short-term goals are your more immediate expenses. Although timelines vary, these are the things you’ll spend money on generally within a few months or years.

Short-term goal examples:

• Emergency fund.

• Payments toward rent, insurance or student loans.

• Credit card debt payments.

• Personal goods.

• Travel.

• Wedding.

• Minor repairs and home improvements.

What are long-term financial goals?

Long-term goals are usually your big-picture costs. These goals may take several years or even decades to reach. Your distant goals typically involve more money and regular attention than short-term goals.

Long-term goal examples:

• Retirement fund.

• Paying off a mortgage.

• Starting a business.

• Saving for a child’s college tuition.

Your financial goals are where you would like to be financially in the short-term, mid-term, and long-term. If you do not have financial goals that you are working towards, you will be likelier to spend more than you should. Financial goals are the key to working toward financial security and independence.

If you are wondering how to set financial goals, you should begin by understanding your current finances. You need to understand the value of your assets and of your liabilities. You should also determine how much you are spending so that you can have a better idea of what you need to work towards to achieve.

Once you set your goals, you need to continually work on them. Your personal financial planning should not be a one-time task. Instead, you should conduct financial planning and a review of your goals at least annually so that you can make adjustments as needed.

2) Financial objectives

A financial objective is a specific goal or target of relating to the financial performance, resources and structure of a business

The key benefits of setting financial objectives include:

• Providing a focus for the entire business
• A measure of success of failure for the business
• Reduced risk of business failure (particularly prudent cash flow objectives)
• Help coordinate the different business functions (all of which require finance)
• Provide target to help make investment decisions (investment appraisal)
• Indicate to stakeholders (e.g. shareholders) what the priorities of the management are

3).Balance sheet

A balance sheet is a written statement of the amount of money and property that a company or person has, including amounts of money that are owed or owing. Balance sheet is also used to refer to the general financial state of a company

Most accounting balance sheets classify a company's assets and liabilities into distinctive groupings such as Current Assets; Property, Plant, and Equipment; Current Liabilities; etc. These classifications make the balance sheet more useful. The following balance sheet example is a classified balance sheet.

Most accounting balance sheets classify a company's assets and liabilities into distinctive groupings such as Current Assets; Property, Plant, and Equipment; Current Liabilities; etc. These classifications make the balance sheet more useful. The following balance sheet example is a classified balance sheet.

4)Simplified income statement worksheet and summery about it

worksheet simplified Income statement A. Total Income (ret Income after Pan 888,800 B. Total Income paus (N/A) C. After Tax Income Available for living expenditures or qard- Home pay $ 28,800 (line A-Line B) Your Living Expenses D.Total Housing Expenditures 8 9,660 E. Potal food Expenditures $ 2,700 f. Tout a clothing and personal care Expenditus § 540 G. Toʻlal Transporšation Exbenditures $ 3,180 H. Total Recreation Expenditures $ 7,200 I. Total Medical Expenditures $ 264 J. Total Insurenu Expenditures $ 1800 K. Total other Expenditures IBOU L. Todal living €x benditures $ 29,144 (Add lined to K) m. Income Available for saving and ( Line c minus Line L) $ 1656 Investments

In summary, the Income Statement is a financial tool used to determine whether a company earned a profit or incurred a loss on a given day, month or year. ... When a business reaches its year end, all revenue and expense accounts are reduced to Zero and new expenses and revenues begin to accumulate

You can also call the income statement the statement of earnings, profit and loss statement, or P&L statement. It is often divided into two sections: operating and non-operating. The operating income definition is the revenues and expenses incurred over the course of regular business operations. Then the non-operating income section shows the revenues and expenses incurred from activities that are not considered regular business operations. There may also be a section for irregular items, consisting of revenues or expenses from abnormal or nonrecurring activities. The top line of the income statement is the company’s operating revenues. The bottom line is the company’s net profit or loss.