Question
Companies prepare balance sheets in order to know their financial position at a specific point in time. This enables them (and other users) to make
Companies prepare balance sheets in order to know their financial position at a specific point in time. This enables them (and other users) 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 need to 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.)
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Instructions:
Prepare a personal balance sheet using the format you have learned for a classified balance sheet for a company. For the equity account, use Owner's Equity.
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