a. Prepare a personal balance sheet for yourself as of today. Work at identifying your assets and

Question:

a. Prepare a personal for yourself as of today. Work at identifying your assets and liabilities; use rough estimates for amounts.
b. Prepare a projected income statement for yourself for the current semester. Work at identifying your revenues and expenses, again using rough estimates for amounts.
c. Explain how your projected income statement for the semester is likely to impact your financial position (i.e., at the end of the semester.
d. Identify the major sources (and uses) of cash that you are expecting to receive (and spend) this semester.
e. Give three possible explanations why a full-time college student might incur a substantial net loss during the fall semester of her junior year, yet have more cash at the end of the semester than she had at the beginning.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...