Assignment: I have the 1 year part finished for the balance sheet only. just not sure how to calculate the restCareer and Income Prepare financial statements (income statement and balance sheet) for yourself for the next year, then prepare financial statements for yourself in ten (10) years. Be sure to calculate savings and debt service ratios. Identify the parts of the financial planning process and then, provide a plan indicating your career plans (use bls.gov to support pay), budgets and purchases, savings and liabilities to justify how you will get to the financial statements in ten (10) years. I can give my income info or whatever is needed Sheet1 Emily Aitchison 10/29/21 Assets One year Liabilities One Year Cash $100 Utilities $5,268 Checking $325 Rent $7,500 Savings 6,000 Medical bills $0 (bills paid off) Total $6,325 Credit Card balance $0 (balance paid off) Gas $960 Line of credit $500 Investments One year Total $14,228 Stocks $1,800 IRA $0 Total $1,800 No long term liablities as of now, in the next year Personal Property One year Auto 1 $1,500 paid off One Year Auto 2 $3,500 paid off Total Liabilities $14,228 Total $5,000 Net Worth $2,903 Total Liabilities and Net Worth $17,313

Assignment: I have the 1 year part finished for the balance sheet only. just not sure how to calculate the restCareer and Income Prepare financial statements (income statement and balance sheet) for...

Assignment: I have the 1 year part finished for the balance sheet only. just not sure how to calculate the restCareer and Income

Prepare financial statements (income statement and balance sheet) for yourself for the next year, then prepare financial statements for yourself in ten (10) years. Be sure to calculate savings and debt service ratios.

Identify the parts of the financial planning process and then, provide a plan indicating your career plans (use bls.gov to support pay), budgets and purchases, savings and liabilities to justify how you will get to the financial statements in ten (10) years.

I can give my income info or whatever is needed

Sheet1 Emily Aitchison10/29/21 AssetsOne yearLiabilitiesOne Year Cash$100Utilities$5,268 Checking$325Rent$7,500 Savings6,000Medical bills$0 (bills paid off) Total$6,325Credit Card balance$0 (balance paid off) Gas$960 Line of credit $500 InvestmentsOne yearTotal$14,228 Stocks$1,800 IRA$0 Total$1,800 No long term liablities as of now, in the next year Personal PropertyOne year Auto 1$1,500 paid off One Year Auto 2$3,500 paid offTotal Liabilities $14,228 Total $5,000Net Worth$2,903 Total Liabilities and Net Worth$17,313

personal-finance-balance-sheet-one-year-ycr3nwzd-0htxzh42.xlsx

Answered 1 days AfterOct 30, 2021

Answer To: Assignment: I have the 1 year part finished for the balance sheet only. just not sure how to...

Rochak answered on Oct 31 2021

130 Votes

Financial Plan
    Assumptions    Year 1    Year 2    Year 3    Year 4    Year 5    Year 6    Year 7    Year 8    Year 9    Year 10
    Increase in Income         5.00%    30.00%    6.00%    5.00%    5.00%    50.00%    5.00%    4.00%    3.00%
    Expenses
    Increase in Rent        3.30%    3.00%    3.00%    3.00%    3.00%    3.00%    3.00%    3.00%    3.00%
    Increase in Gas Bill        5.00%    5.00%    5.00%    5.00%    5.00%    5.00%    5.00%    5.00%    5.00%
    Increase In Utility Bill        3.00%    3.00%    3.00%    3.00%    2.50%    2.50%    2.50%    2.50%    2.50%
    Tax rate     23.00%    23.00%    23.00%    23.00%    23.00%    23.00%    23.00%    23.00%    23.00%    23.00%
    Loan taken at the rate of 10% interest rate for 7 years to buy a property in the 4th year
    Income Statement
    Particulars    Year 1    Year 2    Year 3    Year 4    Year 5    Year 6    Year 7    Year 8    Year 9    Year 10
    Income    $32,000    $33,600    $43,680    $46,301    $48,616    $51,047    $76,570    $80,398    $83,614    $86,123
    Expenses
    Rent    $7,500    $7,748    $7,980    $8,219    $8,466    $8,720    $8,981    $9,251    $9,528    $9,814
    Gas    $1,200    $1,260    $1,323    $1,389    $1,459    $1,532    $1,608    $1,689    $1,773    $1,862
    Utilities    $5,268    $5,426    $5,589    $5,756    $5,929    $6,077    $6,229    $6,385    $6,545    $6,708
    Total Expenses    $13,968    $14,434    $14,892    $15,365    $15,854    $16,329    $16,819    $17,325    $17,846    $18,384
    Taxes    $4,147    $4,408    $6,621    $7,115    $7,535    $7,985    $13,743    $14,507    $15,127    $15,580
    Net...

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Assignment: I have the 1 year part finished for the balance sheet only. just not sure how to calculate the restCareer and Income Prepare financial statements (income statement and balance sheet) for...

Answer To: Assignment: I have the 1 year part finished for the balance sheet only. just not sure how to...

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