Personal Financial Statement Project

For the Personal Financial Statement Project:

Record the events on the next page in the accompanying formula worksheet

Write out the journal entries for the events on the next page

Create the financial statements with the ending information from the worksheet

Once you have your Financial Statements completed, please make a comment or two in the online text input box about what the information is telling you

Event List

Opened a bank account with previously earned $($retained earnings$)$ money for $$100,000$

Bought a house by paying $$75,000$ down in cash and taking a loan of $$225,000$

Bought a vehicle by paying $$1,000$ down in cash and taking a loan of $$44,000$

Worked $($performed services$)$ to clients for $$80,000$ cash

Paid for materials used $($expense$)$ in the services performed with cash for $$50,000$

Paid for repairs and utilities of the house and vehicle $($just regular expenses$)$ with cash for $$8,500$

During the year, you paid $$5,000$ in interest and $$9,500$ in principal on the loan on the house with cash

During the year, you paid $$600$ in interest and $$3,400$ in principal on the loan on the vehicle with cash

During the year, you paid $$18,500$ for personal$-$related expenses in cash

At the end of the year, you purchased $$3,250$ in gifts $($expenses$)$ for others that you paid for with a new credit card