A person is applying for a loan to start up a new small business. His bank has a
ID: 2766832 • Letter: A
Question
A person is applying for a loan to start up a new small business. His bank has asked him for a personal balance sheet and monthly income statement in order to qualify him for the loan. Please create a Balance Sheet and Income Statement from the information below that has been provided to you.
Credit Card Balance of $500 - Monthly Payment $100
Clothing $100 Spent Per Month
Recreation and Entertainment $250 Spent Per Month
Savings Account $5000
Utilities $200 Spent Per Month
Stereo Worth $1000
TV Worth $1000
Rent Payment $500 Spent per month
Monthly Income $1500 (Take Home Pay)
Cash $2500
Car Worth $15,000 Loan on Car $9500 Monthly Payment $250
Furniture Worth $2500
Food $250 Spent Per Month
Monthly Rental Income (Marty rents a house that he owns in Orlando, FL) $700
Rental House in Orlando, FL is worth $50,000
Balance Sheet and Income Statement Template
Balance Sheet
Income Statement
Assets:
Monthly Income
Total Income
Total Assets:
Monthly Expenses
Liabilities:
Total Liabilities:
Net Worth/Owner's Equity:
Total Expenses
Total Liabilities & Net Worth
Cash Surplus (Profit)
Balance Sheet
Income Statement
Assets:
Monthly Income
Total Income
Total Assets:
Monthly Expenses
Liabilities:
Total Liabilities:
Net Worth/Owner's Equity:
Total Expenses
Total Liabilities & Net Worth
Cash Surplus (Profit)
Explanation / Answer
INCOME STATEMENT
BALANCE SHEET
Monthly Income Amount ($) Take Home Pay 1500 Rental Income 700 Total Income 2200 Monthly Expenses Credit Card 100 Clothing 100 Recreation and Entertainment 250 Utilities 200 Rent Payment 500 Loan Payment 250 Food 250 Total Expenses 1650 Profit 550Related Questions
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