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For this journal, complete a personal balance sheet and income statement. The Balance Sheet Template  Download Balance Sheet Templateand Income Statement Template  Download Income Statement Templatewill help you get started. You may modify the line items as necessary in the templates. You may complete the templates using your own personal financial data, which will make the activity more meaningful, or you may use hypothetical numbers. Then, reflect on your completed Balance Sheet and Income Statement Templates. Discuss the most important concepts and facts you have learned.

Your reflection should be a minimum of 350 words. 

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Template Personal Balance Sheet

Your Name
Balance Sheet
Date
ASSETSLIABILITIES
Current Assets:Current Liabilities:
Cash/Checking AccountMortage (current portion)(due in 12 months)
Savings AccountsCar Loan(due in 12 months)
StocksStudent Loan (due in 12 months)
Credit Card
Total Current Assets$ – 0Total Current Liabilities$ – 0
Long Term Liabilities
Long Term Assets:Mortgage
HouseCar Loan
CarStudent Loan
401k
BondsTotal Long-Term Liabilities$ – 0
Total Long Term Assets$ – 0Owners Equity$ – 0
Total Assets$ – 0Total Liabilities and Owners Equity$ – 0

Income Statement Template

The template allows you to input your monthly income and expenses and will calculate your net
income. The last column will show your yearly amounts.
Your Name
Income Statement
Year-To-DateJanFebMarAprMayJuneJulyAugustSeptOctNovDecTotal
Income:
Earned Income$ 10.00$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ 10.00
Other Income$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0
$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0
$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0
Total Income$ 10.00$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ 10.00
Expenses:
Mortage Payment$ 5.00$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ 5.00
Credit Card Payment$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0
Student Loan Payment$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0
Auto Loan Payment$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0
Utilities$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0T
Groceries$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0
Insurance$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0
Entertainment$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0
$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0
$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0
$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0
$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0
$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0
$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0
$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0
$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0
$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0
Total expenses$ 5.00$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ 5.00
Net Income$ 5.00$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ – 0$ 5.00

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