Reference no: EM133457748
Questions:
1. Calculate your personal equity (deficit) as of September 1, 2021.
2. Define the terms current liabilities,current assets, and expense (hint: a good place to start is your textbook; make sure to cite your source). Provide 3 examples from your life for each of these terms. Justify your answers.
3. Calculate your total expenses for the first term and your personal equity (deficit) as of December 15.
4. Now, assume that the $800 cellphone you had, the tablet you purchased and the damage deposit you paid are assets, and that the remaining costs are expenses. Did your equity change? If so, by how much?
5. Assume that you will have the same expenses in the second term, will you have enough cash to pay for them? If not, how much are you short?
6. Are there any expenses you might be able to avoid in the second term to save cash? What are they? What other strategies you might use to improve your financial situation?
7. Given your answer in part 6, will it be necessary for you to ask your parents for more money for the next term? If so, how much do you need to ask for? Explain.
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