User Account

All Pages

Develop personal balance sheet for the company

Assignment Help Accounting Basics
Reference no: EM132460660

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 develop 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)                     $4,900

Balance in checking account                                                    1,400

Certificate of deposit (6-month)                                               3,000

Annual earnings from part-time job                                          11,000

Automobile                                                                           7,100

Balance on automobile loan (current portion)                              1,420

Balance on automobile loan (long-term portion)                           3,600

Home computer                                                                       890

Amount owed to you by younger brother                                      340

Balance in money market account                                             1,890

Annual tuition                                                                        6,000

Video and stereo equipment                                                     1,260

Balance owed on credit card (current portion)                               100

Balance owed on credit card (long-term portion)                         1,590

Question 1: Develop 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.

Reference no: EM132460660

Questions Cloud

How much value did its management create during year : If Jackson Tires's tax rate is 40%,How much value did its management create or lose for the firm during the year (rounded to the nearest whole dollar)?
What kind of memo would be consider a well thought-out : What kind of memo would be consider a well thought-out and professionally written memo that addressed ethical obligations for board members
Project Monitor and control finances Assignment : Project Monitor and control finances Assignment Help and Solution, Plan and implement financial management approaches Assessment Writing Service
Describe how the credit crisis may have adversely affected : Describe how the credit crisis may have adversely affected many other people beyond homeowners and mortgag. Do you believe the impact of the credit crisis
Develop personal balance sheet for the company : Develop personal balance sheet using the format you have learned for a classified balance sheet for a company. For the equity account
CITS1401 Computational Thinking with Python Assignment : CITS1401 Computational Thinking with Python Assignment Help and Solution, The University of Western Australia. Project - Finding Synonyms by Association
Effect of the on the operating cycle : Indicate the effect of the following on the operating cycle: Inventory takes longer to get sold.
Considering the purchase of a new piece of equipment : DataPoint Engineering is considering the purchase of a new piece of equipment for $370,000.
Explain the process by which arbitrage will adjust : Explain the process by which arbitrage will adjust the term structure. Under which theory of the term structure would this inequality persist? Why?

Reviews

Write a Review

Accounting Basics Questions & Answers

  What value should be reported for land

Instead, in 2014, Scenic sold land costing $47,000 to Placid Lake for $84,000. On the 2015 consolidated balance sheet, what value should be reported for land?

  Rabia corporation presents the current year and the two

rabia corporation presents the current year and the two previous years in its financial statements. which of the

  Compute the material price and quantity variance

During the month, Bravo sold 9,000 loaves of bread and used 4,650 pounds of ingredients. Compute the material price and quantity variance

  How much long term debt has the company issued

How much long term debt has the company issued? How much debt will mature over the next three years? How does the company depreciate its assets?

  A severe shortage of plastic pellets has required the

sport luggage inc. makes high-end hard-sided luggage for sports equipment. data concerning three of the companys most

  Austin company uses a job order cost accounting system the

austin company uses a job order cost accounting system. the companys executives estimated that direct labor would be

  The company engaged in the following stock transactions

Prepare the December 31, 2013, shareholders equity section (assume 2013 net income was $270,000)

  Allowable accumulated earnings credit

You determine that $104,000 of the current and accumulated earnings and profits for the year is required for the reasonable needs of the business. The allowable accumulated earnings credit for the year is?

  What amount of the rental losses may smith deduct

Smith actively participates in the rental real estate activities. What amount of the rental losses may Smith deduct in determining taxable income

  Prepare a table that shows the computation of bei

All sales are on credit. Recent experience shows that 20% of credit sales is collected in the month of the sale, 30% in the month after the sale, 48%.

  The average net profits expected in the furute by abc firm

the average net profits expected in the furute by abc firm are 36000per year. the average capital employed in the

  Discuss signing a long-term note payable for the balance

Purchased equipment costing $87,400 by paying $52,000 cash and signing a long-term note payable for the balance

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd