CT4.7 Companies prepare statements of financial position in order to know their financial position at a specific point in time. This enables them to make a comparison to their position at previous points in time, and gives them a basis for planning for the future. In order to evaluate your financial position, you need to prepare a personal statement of financial position. Assume that you have compiled the follow- ing information regarding your finances. (Note: Some of the items might not be used in your personal statement of financial position.) Amount owed on student loan balance (long-term) Balance in checking account Investment (6-month) Annual earnings from part-time job € 5,000 1,200 3,000 11,300 7,000 1,500 4,000 800 Automobile Balance on automobile loan (current portion) Balance on automobile loan (long-term portion) Home computer 300 Amount owed to you by younger brother Balance in savings account 1,800 6,400 1,250 150 1,650 Annual tuition Video and stereo equipment Balance owed on credit card (current portion) Balance owed on credit card (long-term portion) Instructions Prepare a personal statement of financial position using the format you have learned for a classified state- ment of financial position for a company. For the capital account, use Owner's Capital.
CT4.7 Companies prepare statements of financial position in order to know their financial position at a specific point in time. This enables them to make a comparison to their position at previous points in time, and gives them a basis for planning for the future. In order to evaluate your financial position, you need to prepare a personal statement of financial position. Assume that you have compiled the follow- ing information regarding your finances. (Note: Some of the items might not be used in your personal statement of financial position.) Amount owed on student loan balance (long-term) Balance in checking account Investment (6-month) Annual earnings from part-time job € 5,000 1,200 3,000 11,300 7,000 1,500 4,000 800 Automobile Balance on automobile loan (current portion) Balance on automobile loan (long-term portion) Home computer 300 Amount owed to you by younger brother Balance in savings account 1,800 6,400 1,250 150 1,650 Annual tuition Video and stereo equipment Balance owed on credit card (current portion) Balance owed on credit card (long-term portion) Instructions Prepare a personal statement of financial position using the format you have learned for a classified state- ment of financial position for a company. For the capital account, use Owner's Capital.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter1: Accounting As A Form Of Communication
Section: Chapter Questions
Problem 1.15MCE
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Transcribed Image Text:All About You
CT4.7 Companies prepare statements of financial position in order to know their financial position at
a specific point in time. This enables them to make a comparison to their position at previous points in
time, and gives them a basis for planning for the future. In order to evaluate your financial position, you
need to prepare a personal statement of financial position. Assume that you have compiled the follow-
ing information regarding your finances. (Note: Some of the items might not be used in your personal
statement of financial position.)
€ 5,000
Amount owed on student loan balance (long-term)
Balance in checking account
Investment (6-month)
Annual earnings from part-time job
1,200
3,000
11,300
7,000
Automobile
1,500
Balance on automobile loan (current portion)
Balance on automobile loan (long-term portion)
4,000
800
Home computer
Amount owed to you by younger brother
Balance in savings account
Annual tuition
300
1,800
6,400
1,250
Video and stereo equipment
Balance owed on credit card (current portion)
Balance owed on credit card (long-term portion)
150
1,650
Instructions
Prepare a personal statement of financial position using the format you have learned for a classified state-
ment of financial position for a company. For the capital account, use Owner's Capital.
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