Personal Balance Sheet Assets: a. Cash b. Investments c. Accounts Receivable d. Furnishings e. Prepaid Accounts f. Home Purchase Price g. Rolling Stock 5,000 10,000 15,000 5,000 2,000 200,000 Total Assets: 237,000 Liabilities a. Utility Bills b. Credit Cards c. Taxes Payable d. Mortgage e. Short-term debt f. Long-term debt 2,200 4,000 6.000 120,000 5,000 25,000 Total Liabilities: 162,200 Net Worth/Equity 74,800 Business Balance Sheet Assets: a. Cash 2,000 30,000 40,000 30,000 1,500 90,000 105,000 c. Accounts Receivable e. Prepaid Accounts f. Fixed Assets (PP&E) g. Goodwill Total Assets: $298,500 Liabilities: a. Accounts Payable b. Salaries Payable c. Taxes Payable d. Interest e. Short-term debt f. Long-term debt 50,000 20,500 10,000 10,000 50,000 350,000 Total Liabilities: --$490,500 Personal Income Statement Income a. Salary b. Interest c. Dividends Gross Income Personal Deductions Adjusted Gross Income Itemized Deductions Net Income Taxes Due (Based on Table) Taxes Paid Net Tax Due/Refund Company Income Statement Revenue/Income/Sales a. Income b. Sales c. Non-operating Income Cost of Revenue or Cost of Goods Sold or Cost of Sales Gross Profit (Margin) Expenses a. Selling b. General c. Administrative Operating Earnings (Income) Interest/Other Earnings Before Tax (EBT) -Taxes Earnings After Tax (EAT) - Dividends Net Earnings (Income) Addition to Retained Earnings_ Personal Balance Sheet Assets: a. Cash b. Investments c. Accounts Receivable d. Furnishings e. Prepaid Accounts f. Home Purchase Price g. Rolling Stock 5,000 10,000 15,000 5,000 2,000 200,000 Total Assets: 237,000 Liabilities a. Utility Bills b. Credit Cards c. Taxes Payable d. Mortgage e. Short-term debt f. Long-term debt 2,200 4,000 6.000 120,000 5,000 25,000 Total Liabilities: 162,200 Net Worth/Equity 74,800 Business Balance Sheet Assets: a. Cash 2,000 30,000 40,000 30,000 1,500 90,000 105,000 c. Accounts Receivable e. Prepaid Accounts f. Fixed Assets (PP&E) g. Goodwill Total Assets: $298,500 Liabilities: a. Accounts Payable b. Salaries Payable c. Taxes Payable d. Interest e. Short-term debt f. Long-term debt 50,000 20,500 10,000 10,000 50,000 350,000 Total Liabilities: --$490,500 Personal Income Statement Income a. Salary b. Interest c. Dividends Gross Income Personal Deductions Adjusted Gross Income Itemized Deductions Net Income Taxes Due (Based on Table) Taxes Paid Net Tax Due/Refund Company Income Statement Revenue/Income/Sales a. Income b. Sales c. Non-operating Income Cost of Revenue or Cost of Goods Sold or Cost of Sales Gross Profit (Margin) Expenses a. Selling b. General c. Administrative Operating Earnings (Income) Interest/Other Earnings Before Tax (EBT) -Taxes Earnings After Tax (EAT) - Dividends Net Earnings (Income) Addition to Retained Earnings_
