Balance Sheet. Use Table 3.2 on page 82 as a guide to create a monthly balance sheet 82 PART 1 Financial PlanningTable 3-2ASSETSMonetary AssetsTangible AssetsInvestment AssetsLIABILITIESShort-Term LiabilitiesLong-Term LiabilitiesSample Balance Sheet The total assets on a balance sheet must equal the totalliabilities plus the net worth. Both sides must balance, which is the source of the name"balance sheet." You decide how much detail to include to show your financial con-dition accurately on a given date. The balance sheet shown in Table 3-2 reflects thedegree of detail and complexity that might be included for a couple with two children(Victor and Maria Hernandez).Balance Sheet for a Couple with Two Children-Victor and Maria Hernandez,January 1, 2018Cash on handSavings accountVictor's checking accountMaria's checking accountTax refund dueRent receivableTotal Monetary AssetsHomePersonal propertyAutomobilesTotal Tangible AssetsFidelity mutual fundsScudder mutual fundFord Motor Company stockNew York 2038 bondsLife insurance cash valueIRA accountsReal estate investmentTotal Investment AssetsTotal AssetsDentist bill dueCredit card debtTotal Short-Term LiabilitiesVehicle loanHome mortgage loanTotal Long-Term LiabilitiesTotal LiabilitiesNet WorthTotal Liabilities and Net Worth1,2004,2002,7003,300700650$ 12,750192,0009,0009,500$210,5004,5005,0002,8004,0005,40034,300114,000$170,000$393,2502201,600$ 1,8207,70092,000$ 99,700$101,520$291,730$393,2500.3%1.1%0.7%0.8%0.2%0.2%3.2%48.8%2.3%2.4%53.5%1.1%1.3%0.7%1.0%1,4%8.7%29.0%43.2%100.0%0.1%0.4%0.5%2.0%23.4%25.4%25.8%74.2%100.0%

A balance sheet is a representation of an individual's personal or corporation's financial balances…

Answered: Balance Sheet. Use Table 3.2 on page 82…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Balance Sheet. Use Table 3.2 on page 82 as a guide to create a monthly balance sheet

82 PART 1 Financial Planning
Table 3-2
ASSETS
Monetary Assets
Tangible Assets
Investment Assets
LIABILITIES
Short-Term Liabilities
Long-Term Liabilities
Sample Balance Sheet The total assets on a balance sheet must equal the total
liabilities plus the net worth. Both sides must balance, which is the source of the name
"balance sheet." You decide how much detail to include to show your financial con-
dition accurately on a given date. The balance sheet shown in Table 3-2 reflects the
degree of detail and complexity that might be included for a couple with two children
(Victor and Maria Hernandez).
Balance Sheet for a Couple with Two Children-Victor and Maria Hernandez,
January 1, 2018
Cash on hand
Savings account
Victor's checking account
Maria's checking account
Tax refund due
Rent receivable
Total Monetary Assets
Home
Personal property
Automobiles
Total Tangible Assets
Fidelity mutual funds
Scudder mutual fund
Ford Motor Company stock
New York 2038 bonds
Life insurance cash value
IRA accounts
Real estate investment
Total Investment Assets
Total Assets
Dentist bill due
Credit card debt
Total Short-Term Liabilities
Vehicle loan
Home mortgage loan
Total Long-Term Liabilities
Total Liabilities
Net Worth
Total Liabilities and Net Worth
1,200
4,200
2,700
3,300
700
650
$ 12,750
192,000
9,000
9,500
$210,500
4,500
5,000
2,800
4,000
5,400
34,300
114,000
$170,000
$393,250
220
1,600
$ 1,820
7,700
92,000
$ 99,700
$101,520
$291,730
$393,250
0.3%
1.1%
0.7%
0.8%
0.2%
0.2%
3.2%
48.8%
2.3%
2.4%
53.5%
1.1%
1.3%
0.7%
1.0%
1,4%
8.7%
29.0%
43.2%
100.0%
0.1%
0.4%
0.5%
2.0%
23.4%
25.4%
25.8%
74.2%
100.0%

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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