Ima Edison Student had a morning class at Edison State Community College. After picking up her new Smart Phone, which she got for a deal for $300, and her computer, which was given to her by her brother and worth about $300, she headed out the door. Ima was trying to manage her money while going to college because she worried about paying back her student loan for which she owed $4,000 and, right now, the only cash she had was the $1,000 sitting in her savings account. Fortunately, she owned her 2010 Ford Ranger free-and-clear because she bought it during high school when she worked a part time job at a local dairy farmer milking cows. The truck was getting old, but it was in good condition and it was still worth about $4,000. As Ima drove to school, she reflected on her first week of Accounting where she learned about the basics of accounting and the accounting equation. It was interesting to her that the accounting equation was so simple and that the balance sheet was just a reflection of that equation. Upon reflection, she wondered what her balance sheet (and net worth) would look like given her financial situation.

Read the Situation and determine Ima's net worth. To do this you will create a Balance sheet. Classify all the things that Ima owns as assets and list them one-by-one with their dollar value on the balance sheet (next tab). Then, classify any amount she owes as liabilities on the balance sheet (next tab) listing them one-by-one with their dollar amount as well. Finally calculate her equity to find her net worth and place that on the balance sheet (next tab). Your balance sheet should be in balance. Hint, remember that Assets = Liabilities + Equity. There are six (6) accounts that you will use: Cash; Student Loan Payable; Computer; Ima Edison Student, Equity; Vehicle; Phone. Once you have completed Ima's Balance Sheet, Save your Excel file (use last name in file name); Attach your file to the Blackboard Assignment folder; and, Click on the "Submit button to Submit the assignment.