Question

Financial reports have the same elements whether those are for large corporations or for the individuals....

Financial reports have the same elements whether those are for large corporations or for the individuals.

Please list the elements your "Personal" financial reports (income statement and balance sheet) of the hypothetical BU online student, possibly having part-time or full-time job.

For example, Cash is an Asset on the Balance Sheet;

Salary is Revenue on the income statement, E.t.c.

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Answer #1

For BU online student the following its in Balance sheet can be

  • Cash (in the bank, CDs)
  • All investments (mutual funds, college savings accounts, individual securities)
  • Home value (the resale value of your home)
  • Automobile value (the resale value of your car)
  • Personal Property Value (resale value of jewelry, household items, etc)
  • Other assets
  • Prepaid expenses

Liabilities

  • Remaining mortgage balance
  • Car loans
  • Student loans
  • Any other personal loans
  • Credit card balances

Personal Income Statement consist of

  • Earnings
  • Revenues
  • Expenses
  • Interests
  • Taxes
  • Dividends received
  • Other sources of income
  • Depreciation claimed on personal equipment
  • Advance tax
  • Audit fees
  • Furniture expenses
  • Harvested Tax Loss

Thanks

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