For this journal, complete a personal balance sheet and income statement. The Balance Sheet Template Download Balance Sheet Templateand Income Statement Template Download Income

For this journal, complete a personal balance sheet and income statement. The Balance Sheet Template Download Balance Sheet Templateand Income Statement Template Download Income Statement Template will help you get started. You may modify the line items as necessary in the templates. You may complete the templates using your own personal financial data, which will make the activity more meaningful, or you may use hypothetical numbers. Then, reflect on your completed Balance Sheet and Income Statement Templates. Discuss the most important concepts and facts you have learned.

Your reflection should be a minimum of 350 words. Submit both your completed templates and your reflection.

Template Personal Balance Sheet

Your Name
Balance Sheet
Date
ASSETS LIABILITIES
Current Assets: Current Liabilities:
Cash/Checking Account Mortage (current portion) (due in 12 months)
Savings Accounts Car Loan (due in 12 months)
Stocks Student Loan (due in 12 months)
Credit Card
Total Current Assets $ – 0 Total Current Liabilities $ – 0
Long Term Liabilities
Long Term Assets: Mortgage
House Car Loan
Car Student Loan
401k
Bonds Total Long-Term Liabilities $ – 0
Total Long Term Assets $ – 0 Owners Equity $ – 0
Total Assets $ – 0 Total Liabilities and Owners Equity $ – 0

,

Income Statement Template

The template allows you to input your monthly income and expenses and will calculate your net
income. The last column will show your yearly amounts.
Your Name
Income Statement
Year-To-Date Jan Feb Mar Apr May June July August Sept Oct Nov Dec Total
Income:
Earned Income $ 10.00 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ 10.00
Other Income $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0
$ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0
$ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0
Total Income $ 10.00 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ 10.00
Expenses:
Mortage Payment $ 5.00 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ 5.00
Credit Card Payment $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0
Student Loan Payment $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0
Auto Loan Payment $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0
Utilities $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 T
Groceries $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0
Insurance $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0
Entertainment $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0
$ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0
$ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0
$ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0
$ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0
$ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0
$ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0
$ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0
$ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0
$ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0
Total expenses $ 5.00 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ 5.00
Net Income $ 5.00 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ – 0 $ 5.00

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