Good Morning,

Please help me to answer the following homework questions.

We are turning treating your household like a business. You have to determine which expenses belong on the balance sheet and which ones belong on the profit and loss sheet or are N/A. Remember from the lecture, that some items may not be included on either.

To Do:

1. Mark each item on the list with BS for balance sheet item, P&L for profit and loss sheet, or N/A

2. Place on the corresponding financial sheet -- I can do this just answer which ones belong on which sheet please

3. Calculate and compare net income to actual bank balance (remember those payments that would decrease the bank balance but not impact the P&L.

4. Answer the amount for:

Net income

Equity

Bank Balance

Thank You,

Carolyn

______________________________________________________________________________________________

December 2016 Financial Statement Expenses

Mortgage $325,000.00 BS____, P&L, ____ or N/A ____

Electric $750.00 BS____, P&L, ____ or N/A ____

School Loan Balance 12/31/2015 $25,000.00 BS____, P&L, ____ or N/A ____

Groceries $350.00 BS____, P&L, ____ or N/A ____

Pool Payment $650.00 BS____, P&L, ____ or N/A ____

Depreciation $6,410.25 BS____, P&L, ____ or N/A ____

Accumulated Depreciation $6,410.25 BS____, P&L, ____ or N/A ____

401K $65,000.00 BS____, P&L, ____ or N/A ____

Mortgage Payment $1,650.00 BS____, P&L, ____ or N/A ____

Checking Account Balance 12/31/2016 $7,500.00 BS____, P&L, ____ or N/A ____

Net Income Car Loan $45,000.00 BS____, P&L, ____ or N/A ____

Equity Clothing $525.00 BS____, P&L, ____ or N/A ____

Bank Balance Vacation Property $135,000.00 BS____, P&L, ____ or N/A ____

Boat Payment $825.00 BS____, P&L, ____ or N/A ____

Gas $475.00 BS____, P&L, ____ or N/A ____

Home Insurance $650.00 BS____, P&L, ____ or N/A ____

Credit Card Balance 12/31/2016 $1,500.00 BS____, P&L, ____ or N/A ____

School Loan payment $375.00 BS____, P&L, ____ or N/A ____

Holiday gifts $2,500.00 BS____, P&L, ____ or N/A ____

Car Insurance $765.00 BS____, P&L, ____ or N/A ____

Loan to Family Member $10,000.00 BS____, P&L, ____ or N/A ____

Kids begged for a pool $18,000.00 BS____, P&L, ____ or N/A ____

CarPayment $725.00 BS____, P&L, ____ or N/A ____

Boat $155,000.00 BS____, P&L, ____ or N/A ____

Savings Account Balance 12/31/2016 $22,000.00 BS____, P&L, ___ or N/A ____