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PRACTICE EXERCISE 3: EVALUATION: Use a separate paper to create a projected balance sheet worksheet with the following information:

PRACTICE EXERCISE 3: EVALUATION: Use a separate paper to create a projected balance sheet worksheet with the following information:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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You Can Do It! PRACTICE EXERCISE 3: EVALUATION: Use a separate paper to create a projected balance sheet worksheet with the following information: 1. You have P1250 in your checking account. 2. You have P1750 in your revolving savings account. 3. You purchased a computer last summer and it is valued at P500. 4. You received a graduation gift of a watch and it is valued at P300. 5. You purchased new furniture for your apartment at P1,000, but you still owe P400. 6. Your car is valued at P5,000, but you still owe P1,500. 7. You owe P300 on a credit card. 8. You have put P1,000 into a retirement plan, Prudential life. 9. You participate in your employer's 401k program. You have saved P5,000. 10. You need a root canal procedure at your dentist office. You owe P400. 11. You just cashed your income tax refund of P1,000 12. You purchased a flat-screen TV that is valued at P500. 13. You haveP75 in cash. 14. You have a student loan balance of P20,000. 15. You purchase a condo for $60,000 and you owe P45,000. 16. You and your best friend move into your new condo. They pay you P450 a month in rent.
Transcribed Image Text:You Can Do It! PRACTICE EXERCISE 3: EVALUATION: Use a separate paper to create a projected balance sheet worksheet with the following information: 1. You have P1250 in your checking account. 2. You have P1750 in your revolving savings account. 3. You purchased a computer last summer and it is valued at P500. 4. You received a graduation gift of a watch and it is valued at P300. 5. You purchased new furniture for your apartment at P1,000, but you still owe P400. 6. Your car is valued at P5,000, but you still owe P1,500. 7. You owe P300 on a credit card. 8. You have put P1,000 into a retirement plan, Prudential life. 9. You participate in your employer's 401k program. You have saved P5,000. 10. You need a root canal procedure at your dentist office. You owe P400. 11. You just cashed your income tax refund of P1,000 12. You purchased a flat-screen TV that is valued at P500. 13. You haveP75 in cash. 14. You have a student loan balance of P20,000. 15. You purchase a condo for $60,000 and you owe P45,000. 16. You and your best friend move into your new condo. They pay you P450 a month in rent.
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