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timer Asked: Jul 15th, 2014

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Personal Balance Sheet Balance sheets are generally applied to a business, but each of us has a personal net worth as well. If your assets exceed your liabilities, you have a positive net worth. Your assets would be everything you own such as your home, car, possessions, and investments. Your liabilities would be everything you owe such as your home mortgage, car loans, student loans, and credit card balances. Complete the following exercise to create a personal balance sheet. 1. Open the file Personal Balance Sheet_ 03. xlsx located in the Project_ 03 folder included with your Data Files and then save the workbook as PR3 Personal Balance Sheet in the same folder. 2. Enter your name in cell A2, and modify the year in cell A1 if desired. 3. Note that the raw data cells are all shaded, and this balance sheet is in a one-column format. Enter reasonable values for the House, Car # 1, and Car # 2 values in cells E6, E8, and E9. The information you enter may be fictitious, but it should be realistic. 4. Enter the number of shares and the price per share for two mutual funds in cells C12, D12, C13, and D13. Note that the value of the mutual funds automatically calcu-lates in cells E12 and E13. 5. Enter the number of shares and price per share for four stocks in cells C15 through D18. Note that the stock value automatically calculates in cells E15 through E18. 6. Enter other reasonable values for the other shaded assets and liabilities in column E. 7. Widen column E as needed to display the bottom line Net Worth ( equity) value, which is calculated as Total Assets minus Total Liabilities. 8. Print the PR3 Personal Balance Sheet workbook if requested by your instructor, save and close it, and then exit Excel.

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