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Finicial Management

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Select either the balance sheet or income statement and explain how the use of it may be applied to your everyday life. A balance sheet will give me the opportunity to take a closer look at my personal assets and liabilities like a snap shot; evaluate whether I should loan money to family and friends and view my net worth while I still living and when I die. When I prepare a balance sheet listing my assets, I will list the following:
~ Cash I have on hand
~ How many different bank accounts I currently have opened
~ How much to I owe to debtors
~ How many retirement accounts and with whom
~My investments (ex. Rental properties, stocks and bonds)
~Net worth of my life insurances policy(s)
~How many vehicles I own and their net worth My liabilities would include the following:
~Loans that I have from financial institutions
~Any unpaid taxes (IRS)
~Number of credit cards that have balances or currently opened to use. A balance sheet will assist me in my everyday financial planning by actually seeing what I actually have and what I owe to others. Before taking this class, I never sat down to create a balance sheet for myself, but I did create one in excel. After preparing this sheet, I was really surprised of what assets I owe that would go to my family in the case of my death, and the biggest eye opener; what I owe in debit. Reviewing my debit income opened my eyes to know that in the next five years, I want to be DEBIT FREE! I would like for my cash on hand and in my bank accounts to increase, and the only way this will happen is to limit my spending habits in items that are not necessary and save or invest.
Using the same concept selected above, discuss how a business manager may benefit from an understanding of this statement. A balance sheet is a statement of the financial condition of a business at a specific time. It…...

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