Question

In: Accounting

Prepare a personal balance sheet and projected income statement; explain financial statement relationships. Required: Prepare a...

Prepare a personal balance sheet and projected income statement; explain financial statement relationships.

Required:

  1. Prepare a personal balance sheet for yourself as of today. Work in identifying your assets and liabilities; use rough estimates for amounts.
  2. Prepare a projected income statement for yourself for the current semester. Work on identifying your revenues and expenses, again using rough estimates for amounts.
  3. Explain how you projected income statement for the semester is likely to impact your financial statement. (Note: You are not required to prepare a projected balance sheet.)
  4. Identify the major sources (and uses) of cash that that you expect to receive (and spend) this semester. (Note: You are not required to prepare a projected statement of cash flows.)
  5. Give three possible explanations why a full-time college student might incur a substantial net loss during the fall semester of her junior year yet have more cash at the end of the semester that she had at the beginning.

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Required Use the following information to prepare a multistep income statement and a classified balance sheet...
Required Use the following information to prepare a multistep income statement and a classified balance sheet for Eller Equipment Co. for Year 1. (Hint: Some of the items will not appear on either statement, and ending retained earnings must be calculated.) Salaries expense $ 122,000 Beginning retained earnings $ 61,100 Common stock 110,000 Warranties payable (short term) 6,500 Notes receivable (short term) 32,500 Gain on sale of equipment 19,000 Allowance for doubtful accounts 19,000 Operating expenses 65,000 Accumulated depreciation 66,000...
Required Use the following information to prepare a multistep income statement and a classified balance sheet...
Required Use the following information to prepare a multistep income statement and a classified balance sheet for Eller Equipment Co. for Year 1. (Hint: Some of the items will not appear on either statement, and ending retained earnings must be calculated.) Salaries expense $ 103,000 Beginning retained earnings $ 42,100 Common stock 91,000 Warranties payable (short term) 4,600 Notes receivable (short term) 13,500 Gain on sale of equipment 8,000 Allowance for doubtful accounts 15,000 Operating expenses 46,000 Accumulated depreciation 47,000...
Based on the trial balance below, prepare the Income Statement and the Balance Sheet for the...
Based on the trial balance below, prepare the Income Statement and the Balance Sheet for the year 2012. Please show your workings for the related questions below (yes, all together!). If your final answers (below) are incorrect, I'll review your workings to grant partial credit. Trial Balance as at 31st December 2012 Trial Balance Dr Cr Sales 240,000 Purchases 150,000 Returns inwards 5,000 Returns outwards 6,000 Carriage Inwards 3,000 Inventory 1.1.2012 80,000 Salaries 25,000 Electricity and telephone 4,000 Rent 5,000...
Explain the importance of the balance sheet and income statement in financial decision making. Describe the...
Explain the importance of the balance sheet and income statement in financial decision making. Describe the difference between average and marginal tax rates. Identify the sources and uses of cash represented on the statement of cash flows.
Prepare an income statement, a retained earnings statement, and a balance sheet for the dental practice...
Prepare an income statement, a retained earnings statement, and a balance sheet for the dental practice of Ted Terner, DDS, Inc. from the items listed below for the month of September. Retained Earnings, September 1                                                                              $22,000 Common Stock                                                                                                         20,000 Accounts payable                                                                                                          7,000 Equipment                                                                                                                    30,000 Service revenue                                                                                                          25,000 Dividends                                                                                                                       6,000 Dental supplies expense                                                                                                3,500 Cash                                                                                                                               6,000 Utilities expense                                                                                                                700 Dental supplies                                                                                                               2,800 Salaries expense                                                                                                           9,000 Accounts receivable                                                                                                    14,000 Rent expense                                                                                                                 2,000 TED TERNER, DDS, INC.
Use the balance sheet and income statement below to prepare a statement of cash flows for...
Use the balance sheet and income statement below to prepare a statement of cash flows for Valium’s Medical Supply Corporation. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.) VALIUM’S MEDICAL SUPPLY CORPORATION Balance Sheet as of December 31, 2018 and 2017 (in thousands of dollars) Assets 2018 2017 Liabilities and Equity 2018 2017 Current assets: Current liabilities: Cash and marketable securities $ 79 $ 78 Accrued wages and taxes $ 60 $...
What is the relationship between at the balance sheet and a personal financial statement? Discuss the...
What is the relationship between at the balance sheet and a personal financial statement? Discuss the advantages and disadvantages of budgeting. What factors contribute to a successful budget?
1. The following is selected financial information from Tilly’s, Inc. Prepare the Income Statement, Balance Sheet...
1. The following is selected financial information from Tilly’s, Inc. Prepare the Income Statement, Balance Sheet and Cash Flow for February 2014 and 2013 using the below info. Tillys info ($thousands) Feb 1 2014 Feb 2 2013 Cash and cash equlvalents 25412 17315 Cash flow from operations 43794 41730 Cost of goods sold 343542 317096 Total liabilities 91484 88085 Total assets 232407 205381 Cash flow from financing 1834 22819 Sales revenue 495837 467291 Cash flow from investing (37530) (72326) Other...
Prepare a horizontal analysis of both the balance sheet and income statement. Prepare a horizontal analysis...
Prepare a horizontal analysis of both the balance sheet and income statement. Prepare a horizontal analysis of the balance sheet. (Negative answers should be indicated by a minus sign. Round your answers to 1 decimal place. (i.e., .234 should be entered as 23.4).) ADAMS COMPANY Horizontal Analysis of Balance Sheets 2019 2018 Percentage Change Assets Current assets Cash $16,700 $12,100 % Marketable securities 20,200 7,400 Accounts receivable (net) 54,900 47,600 Inventories 135,200 144,500 Prepaid items 25,000 10,500 Total current assets...
Prepare a horizontal analysis of both the balance sheet and income statement. Prepare a horizontal analysis...
Prepare a horizontal analysis of both the balance sheet and income statement. Prepare a horizontal analysis of the balance sheet. (Negative answers should be indicated by a minus sign. Round your answers to 1 decimal place. (i.e., .234 should be entered as 23.4).) BAIRD COMPANY Horizontal Analysis of Balance Sheets 2019 2018 Percentage Change Assets Current assets Cash $17,600 $12,200 % Marketable securities 21,000 6,200 Accounts receivable (net) 54,700 46,800 Inventories 136,500 143,300 Prepaid items 26,500 11,800 Total current assets...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT