Lesson 1, Topic 1
In Progress

3.1 A personal assets and liabilities statement is compiled based on own financial situation over the past year.

ryanrori January 12, 2021

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Compile a personal assets and liabilities statement for the past year based on your own financial situation.

First list all your assets. Remember, as we learnt in SO 2, assets are things that you own. Include things such as personal equipment, like a hi-fi or TV, assets such as your motor car or anything that reflects your financial worth.

If you don’t know the exact value of an asset, estimate it. Base the estimate on the initial cost of the asset. Remember, the value of an asset diminishes over time, so if you include something that is a couple of years old, base you estimation/calculation on that. Complete the column in your workbook in order to list your assets and liabilities.

Assets 
CashR__________
CheckingR__________
SavingsR__________
SecuritiesR__________
Accounts/Notes ReceivableR__________
Real EstateR__________
Household GoodsR__________
VehiclesR__________
Cash Value Life InsuranceR__________
Individual Retirement AccountsR__________
Other AssetsR__________
TOTAL ASSETSR__________
  
Liabilities 
Notes PayableR__________
Accounts/Bills DueR__________
Credit Cards PayableR__________
Vehicle LoansR__________
Unpaid TaxesR__________
Real Estate Mortgages PayableR__________
Land Contracts PayableR__________
Life Insurance LoansR__________
Other LiabilitiesR__________
TOTAL LIABILITIESR__________
NET WORTHR__________
TOTAL LIABILITIES AND NET WORTHR__________
(Assets always equal Total Liabilities and Net Worth)