Personal Budget, Balance Sheet, and Cash Flow Statement ACC/547 April 30, 2012 Kristen Debbis MEMORANDUM TO: Mr. Boss, TT Accounting Firm FROM: CPA DATE: April 30, 2012 SUBJECT: Summaries and Recommendations An abundance of contributing factors exist that help determine one’s financial success or failure. Amongst these entities are both statistical and numerical facts and several other key items. Some of the necessary facts should include the ages of a client, their spouse, children and dependents, educational backgrounds, and the couple or families income. Other key or important items that may be needed are to be outlined in professionally prepared personal budgets, balance sheets and cash flow statements. Major concerns and goals are also important to note within these documents.
Week 2 Problems Thao Porter ACC/547 November 4th,2014 Katherine Castillo Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents. Their income from all sources this year (2013) totaled $200,000 and included a gain from the sale of their home, which they purchased a few years ago for $200,000 and sold this year for $250,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $16,500 of itemized deductions. a.
She makes $10.00 an hour and works part-time, twenty-one hours a week. She receives an additional $475.000 per week in other income. She currently has student loans in the amount of $79,000.00 and they will come due in September 2013. She owns one vehicle, a used van with a value of $2000.00. Deborah Marks' two major concerns with her personal finances are her ability to support her two children on her own and her ability to make payments on her student loans when they come due in September 2013.
Financial Statements ACC/280 May 01, 2012 Edward Vargas Financial Statements Accounting is extremely important by monitoring the functions of the companies, and allowing them to make appropriate financial transactions and decisions. Some areas of accounting can seem confusing and difficult but in the end the outcome is clear and concise. There are two basic forms of accounting known as; financial and managerial accounting. Financial accounting responsibilities are to follow the General Accepted Accounting Principles (GAAP) that is regulations for investor relations, creditors, and taxation purposes, whereas managerial accounting is for internal evaluation. There are different functions and categories that accounting
To achieve this, the management needs to make viable and reliable business decisions regarding the operations of the entity on continuous basis (Taparia, 2004). The information contained in the four financial statements put the management in a better position of realizing this objective considering that it assists in the identification of the weaknesses and strengths of different organizations on top of showing important trends in their performance during different financial periods (Alvarez & Fridson, 2011). The comparative information provided in the financial statements assist the management to compare its past performances as well as its current one with those of its competitors in order to come up with efficient strategies to better a firm’s performance (Taparia, 2004). Calculation of different financial ratios from these statements specifically yields the information to be used by the management while undertaking all decision making exercises (Alvarez & Fridson,
WESTERN GOVERNORS UNIVERSITY Financial Analysis RJET Task 1 Executive Summary An extremely crucial element to any business entity is the financial analysis process. So what exactly is financial analysis? The actual definition is The assessment of the (1) effectiveness with which funds (investment and debt) are employed in a firm, (2) efficiency and profitability of its operations, and (3) value and safety of debtors' claims against the firm's assets. It employs techniques such as 'funds flow analysis' and financial ratios to understand the problems and opportunities inherent in an investment or financing decision. (WebFinance, Inc, 2013) Simplified it is the process of evaluating the current business, let’s say their effectiveness, and their future in their industry.
Assignment 1: Economic Basics (24.0 points) 1. Describe two examples of important things that financial planning skills can help you do, and explain why these things are important to you personally. (4-6 sentences. 2.0 points) Make choices about how to spend money responsibly, plan for retirement. Because, I will need to know how to plan later on in life with my finances.
I’m a stay at home mom of two little girls under the age of 2. I work about 15 hours per week for a National Medical Benefits Company. I have been with the company for only 4 months and am now making over $2000 a month! I started off making about $400 my first month, $800 my second and now I am up over $2000. With this company you do make residual income so your income increased each month!
The pro forma statements are commonly used when applying for a business loan. Typically, the investor will require a business owner to submit a pro forma statement with the loan application. Company’s carrying inventory must have a pro forma statement that would show the impact of the amount borrowed on the current assets and will also show the liabilities on the current balance sheets. This provides management with realistic numbers of the amount of cash required by the company. There are a wide variety of ways one can benefit from the pro forma
Dexter then finished schooling, and then he had borrowed 1,000 dollars from his degree to buy assistance in laundry. When Dexter had turned twenty seven years old, he had already owned the greatest laundries for the upper Midwest. He then sold his business and had moved to New York. Then once he had turned twenty three, he was announced a pass for the weekend for Sherry Island Golf Club. Mr Hart, who was the one to announce this also had Dexter as his caddying at one time.