Imaginary persons balance sheet

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Reference no: EM13886635

Your own balance sheet.

a. Write-down your own, or an imaginary person’s balance sheet. It should include assets (textbooks, etc.) and liabilities (student loans of at least $100, Money you owe to a friend, etc.). Don't forget to include net worth. [No need to write a long balance sheet].

b. Your uncle Richie Rich transfers $100 through a wire transfer into your checking deposit account. He says that it is a gift, and that you have no obligation to pay it back. Suppose you use the $100 to pay off some of your student loans. Rewrite your balance sheet after all the previous transactions have occurred. Calculate what happens to your net worth.

Reference no: EM13886635

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