Personal Financial Statement Project For the Personal Financial Statement Project: 1. Record the events on the next page in the accompanying formula worksheet 2. Write out the journal entries for the events on the next page 3. Create the financial statements with the ending information from the worksheet 4. Once you have your Financial Statements completed, please make a comment or two in the online text input box about what the information is telling you Event List 1. Opened a bank account with previously earned (retained earnings) money for $100,000 2. Bought a house by paying $75,000 down in cash and taking a loan of $225,000 3. Bought a vehicle by paying $1,000 down in cash and taking a loan of $44,000 4. Worked (performed services) to clients for $80,000 cash 5. Paid for materials used (expense) in the services performed with cash for $50,000 6. Paid for repairs and utilities of the house and vehicle (just regular expenses) with cash for $8,500 7. During the year, you paid $5,000 in interest and $9,500 in principal on the loan on the house with cash 8. During the year, you paid $600 in interest and $3,400 in principal on the loan on the vehicle with cash 9. During the year, you paid $18,500 for personal-related expenses in cash 10. At the end of the year, you purchased $3,250 in gifts (expenses) for others that you paid for with a new credit card
Personal Financial Statement Project For the Personal Financial Statement Project: 1. Record the events on the next page in the accompanying formula worksheet 2. Write out the journal entries for the events on the next page 3. Create the financial statements with the ending information from the worksheet 4. Once you have your Financial Statements completed, please make a comment or two in the online text input box about what the information is telling you Event List 1. Opened a bank account with previously earned (retained earnings) money for $100,000 2. Bought a house by paying $75,000 down in cash and taking a loan of $225,000 3. Bought a vehicle by paying $1,000 down in cash and taking a loan of $44,000 4. Worked (performed services) to clients for $80,000 cash 5. Paid for materials used (expense) in the services performed with cash for $50,000 6. Paid for repairs and utilities of the house and vehicle (just regular expenses) with cash for $8,500 7. During the year, you paid $5,000 in interest and $9,500 in principal on the loan on the house with cash 8. During the year, you paid $600 in interest and $3,400 in principal on the loan on the vehicle with cash 9. During the year, you paid $18,500 for personal-related expenses in cash 10. At the end of the year, you purchased $3,250 in gifts (expenses) for others that you paid for with a new credit card
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Personal Financial Statement Project
For the Personal Financial Statement Project:
1. Record the events on the next page in the accompanying
formula worksheet
2. Write out the journal entries for the events on the next page
3. Create the financial statements with the ending information
from the worksheet
4. Once you have your Financial Statements completed,
please make a comment or two in the online text input box
about what the information is telling you
Event List
1. Opened a bank account with previously earned (retained
earnings) money for $100,000
2. Bought a house by paying $75,000 down in cash and taking a
loan of $225,000
3. Bought a vehicle by paying $1,000 down in cash and taking a
loan of $44,000
4. Worked (performed services) to clients for $80,000 cash
5. Paid for materials used (expense) in the services performed
with cash for $50,000
6. Paid for repairs and utilities of the house and vehicle (just
regular expenses) with cash for $8,500
7. During the year, you paid $5,000 in interest and $9,500 in
principal on the loan on the house with cash
8. During the year, you paid $600 in interest and $3,400 in
principal on the loan on the vehicle with cash
9. During the year, you paid $18,500 for personal-related
expenses in cash
10. At the end of the year, you purchased $3,250 in gifts
(expenses) for others that you paid for with a new credit card
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