This course covers preparing financial statements for businesses. However, you can prepare personal financial statements for individuals. In this discussion, you will prepare an income statement and balance sheet for yourself. Please note that you do not need to share any information you are not comfortable with sharing. To prepare: - Create a personal balance sheet for yourself and either input a table or upload a picture or spreadsheet that contains this information. You can do this by following the steps: - Create an "asset" category on the left side. Input as many assets as you can think of (at least five) and total them. - Create a "liability" category on the right side. Input as many liabilities as you can think of (at least two) and total them. - Create an "equity" category below the liability category. Input a "capital" account for yourself. The amount should be for the difference between your assets and liabilities. - Total the left side (assets) and the right side (liabilities and equity). These amounts should now equal. - Create a monthly personal income statement for yourself and either input a table or upload a picture or spreadsheet that contains this information. You can do this by following the steps: - Create a category called "Revenues" and list any sources of revenues you have for the month (at least one). (Note: If you are currently not working, then use information from a time period when you were working). - Below revenues, create a category called "Expenses" and list as many monthly expenses you have for the month (at least four). - Subtract expenses from revenues to arrive at either a net income or a net loss. Then, answer the following questions in the discussion board: - Do you have more assets or more debt? What conclusions have you come to by analyzing your personal balance sheet? - Do you have a net income or a net loss? Are there ways to reduce expenses? What conclusions have you come to by analyzing your monthly income statement? Include citations to all information found from the textbook, websites, or other references. This course covers preparing financial statements for businesses. However, you can prepare personal financial statements for individuals. In this discussion, you will prepare an income statement and balance sheet for yourself. Please note that you do not need to share any information you are not comfortable with sharing. To prepare: - Create a personal balance sheet for yourself and either input a table or upload a picture or spreadsheet that contains this information. You can do this by following the steps: - Create an "asset" category on the left side. Input as many assets as you can think of (at least five) and total them. - Create a "liability" category on the right side. Input as many liabilities as you can think of (at least two) and total them. - Create an "equity" category below the liability category. Input a "capital" account for yourself. The amount should be for the difference between your assets and liabilities. - Total the left side (assets) and the right side (liabilities and equity). These amounts should now equal. - Create a monthly personal income statement for yourself and either input a table or upload a picture or spreadsheet that contains this information. You can do this by following the steps: - Create a category called "Revenues" and list any sources of revenues you have for the month (at least one). (Note: If you are currently not working, then use information from a time period when you were working). - Below revenues, create a category called "Expenses" and list as many monthly expenses you have for the month (at least four). - Subtract expenses from revenues to arrive at either a net income or a net loss. Then, answer the following questions in the discussion board: - Do you have more assets or more debt? What conclusions have you come to by analyzing your personal balance sheet? - Do you have a net income or a net loss? Are there ways to reduce expenses? What conclusions have you come to by analyzing your monthly income statement? Include citations to all information found from the textbook, websites, or other references