UOA Balance Sheet Journal Reflection Paper & Exercise

Content Type

User Generated

User

gsno

Subject

Business Finance

School

University of Arizona

Description

For this journal, complete a personal balance sheet and income statement. The Balance Sheet Template Income Statement Template will help you get started.

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Your Name Balance Sheet Date ASSETS Current Assets: Cash/Checking Account Savings Accounts Stocks Total Current Assets LIABILITIES Current Liabilities: Mortage (current (due inportion) 12 months) Car Loan (due in 12 months) Student Loan (due in 12 months) Credit Card $ - Long Term Assets: House Car 401k Bonds Total Long Term Assets Total Assets Total Current Liabilities Long Term Liabilities Mortgage Car Loan Student Loan Total Long-Term Liabilities $ $ - Owners Equity Total Liabilities and Owners Equity $ - $ - $ $ - The template allows you to input your monthly income and expenses and wil income. The last column will show your yearly amounts. Your Name Income Statement Year-To-Date Income: Earned Income Other Income Jan $ $ $ $ $ 10.00 10.00 Total expenses $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 5.00 5.00 Net Income $ 5.00 Total Income Expenses: Mortage Payment Credit Card Payment Student Loan Payment Auto Loan Payment Utilities Groceries Insurance Entertainment y income and expenses and will calculate your net Feb Mar Apr May June July August Sept Oct $ $ $ $ $ - $ $ $ $ $ - $ $ $ $ $ - $ $ $ $ $ - $ $ $ $ $ - $ $ $ $ $ - $ $ $ $ $ - $ $ $ $ $ - $ $ $ $ $ - $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ - $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ - $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ - $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ - $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ - $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ - $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ - $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ - $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Nov Dec Total $ $ $ $ $ - $ $ $ $ $ - $ $ $ $ $ 10.00 10.00 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ - $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ - $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 5.00 5.00 $ - $ - $ 5.00 T
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Explanation & Answer

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Reflection on Personal Balance Sheet and Income Statement
Student’s Name
Institution Affiliation

Reflection on Personal Balance Sheet and Income Statement

There are various concepts to reflect on from the created personal balance sheet and
income statement templates. Balance sheets indicate what I own and owe at that particular point
in time. Balance sheet most essential concepts include: - assets, liabilities, and shareholder’s
equity. Assets are the properties that an individual owns that can be valued, while liabilities are
debts owed to others (Hoitash et al., 2018). I have two types of assets, which include current
assets and long-term assets. Current assets include cash at hand and the money I have in saving
accounts, and I can easily access them. Long-term assets include the assets such as properties
and vehicles.

Another essential concept in the balance sheet is liabilities and shareholders’ equity.
Liabilities are debts that owe to other people, banks or other institutions. Under current
liabilities it can noted there are two types of liabilities: - current and long-term liabilities. The
current liabilities are debts that can be paid with one year such as credit card loan; whereas, longterm liabilities are debts that takes longer than one year to repay. In my case, student loans are
long-term liabilities (Hoitash et al., 2018). The shareholders’ equity is residual claims after the
debts have been paid. Therefore, it is important to note that total assets must total equity
liabilities plus shareholder’s equity to have a balance sheet.

Another fact and concept that I have learned is that an income statement only includes
what a person has made and spent over a given period. Therefore, it includes:-revenue, expenses
and profits. Revenue is the amount of income that an individual makes, while costs include the
amount of cash spent on various activities. In my case, student loan repayment, auto loan

repayment, and rental fees entail the highest expenses I have. Thus, it is crucial to ensure that
expenditures don’t exceed income because it leaves one in losses, implying a lot of debt.

Personal balance sheets and income statements are crucial concepts that could help me
effectively manage my revenue. Thus, financial statement concepts are not only applicable to
business entities but are ...