Companies prepare balance sheets in order to know their financial position at a specific point in time. This enables them to make a comparison to their position at previous points in time and gives them a basis for planning for the future. In order to evaluate your financial position, you can prepare a personal balance sheet. Assume that you have compiled the following information regarding your finances. (Hint: Some of the items might not be used in your personal balance sheet.)
Amount owed on student loan balance (long-term) | $4,800 | ||
---|---|---|---|
Balance in checking account | 1,300 | ||
Certificate of deposit (6-month) | 3,300 | ||
Annual earnings from part-time job | 12,000 | ||
Automobile | 7,200 | ||
Balance on automobile loan (current portion) | 1,450 | ||
Balance on automobile loan (long-term portion) | 3,600 | ||
Home computer | 840 | ||
Amount owed to you by younger brother | 330 | ||
Balance in money market account | 1,990 | ||
Annual tuition | 6,900 | ||
Video and stereo equipment | 1,340 | ||
Balance owed on credit card (current portion) | 100 | ||
Balance owed on credit card (long-term portion) | 1,640 |
Prepare a personal balance sheet using the format you have learned for a classified balance sheet for a company. For the equity account, use M. Y. Own, Capital. (List Current Assets in order of liquidity.)
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Prepare a personal balance sheet using the format you have learned for a classified balance sheet for a company. For the equity account, use M. Y. Own, Capital. (List Current Assets in order of liquidity.)
Companies prepare balance sheets in order to know their financial position at a specific point in time. This enables them to make a comparison to their position at previous points in time and gives them a basi planning for the future. In order to evaluate your financial position, you can prepare a personal balance sheet. Assume that you have compiled the following information regarding your finances. (Hint: Some of might not be used in your personal balance sheet.) $4,500 1,300...
Prepare a classified balance sheet at May 31, 2017. (List current assets in order of liquidity) SPLISH BROTHERS INC. Balance Sheet Assets Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity (02) Your answer is correct. Prepare a retained earnings statement for the month of May 2017 SPLISH BROTHERS INC. Retained Earnings Statement For the Month Ended May 31, 2017 Retained Earnings, May 1 Add : Net Income /(Loss) 3006 3006 Less : Dividends 277 i Retained Earnings, May 31 2729...
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4. Personal balance sheet Juan and Maria Gomez have been married for over 10 years. They both have good jobs with consistent incomes, and they are good savers. They believe that their financial picture is good, but they have never prepared a balance sheet. Juan and Maria pulled together the following items from bank statements, pay stubs, and bills. Check the items that would appear on a balance sheet. Do not be concerned about whether the amounts are correct. Check...
4. Personal balance sheet Ahmed and Sana Mohamed have been married for over 10 years. They both have good jobs with consistent incomes, and they are good savers. They believe that their financial picture is good, but they have never prepared a balance sheet. Ahmed and Sana pulled together the following items from bank statements, pay stubs, and bills. Check the items that would appear on a balance sheet. Do not be concerned about whether the amounts are correct. Check...
Presented below is the adjusted trial balance of Indigo plc at December 31, 2022. Prepare a classified statement of financial position as of December 31, 2022. (List Current Assets in reverse order of liquidity.)
Balance Sheet Data Also prepare a balance sheet for them as of September 1, 2020 assuming the following information that Mary has gleaned from bank and investment account statements, life insurance contracts, a household inventory, and real estate documents. The biggest asset they own is their home. They purchased the home a few years ago for $225,000. The tax assessed value (used to calculate their property taxes is $250,000. A very recent appraisal was done on the property by an...
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Case 2 Balance Sheet Setoffs You are a partner with Wee Checkem CPAs and you have just signed a new client, Keaton Enterprises Inc. Debby Keaton, the president of the company, has been very successful in growing the company and she took it public about five years ago. The company is diversified and has sustained a minimum of a 25% growth per year since it went public. Much of the growth was through acquisitions and the company has a significant...