Web Project _1 - After your combined statements are...

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ACC 310F, Project #1 Group Members You must have betw een 3-5 group members per team List alphabetically by last name: last name, first name #1 #2 #3 #4 #5 P1 The objective of this project is for you to prepare personal financial statements. Each group member should prepare a personal balance sheet and a personal income statement. For both statements, a listing of possible accounts to include is shown below. Your balance sheet should list assets and liabilities in detail. As needed, you should estimate the fair value of specific assets. Unlike a company’s financial statements, for personal financial statements, your equity or “net worth” is calculated by subtracting your total liabilities from your total assets (this may result in a negative number). Your income statement should be prepared for the month or September or you may estimate your results for a typical month. After you have completed your individual statements you should combine your results with those of your group members; in doing so, you should aggregate the details into related categories.
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Unformatted text preview: After your combined statements are completed, your group should briefly comment on how a loan officer would react to your combined financial statements. Your group should print and complete this cover page and then attach your combined balance sheet, combined income statement and commentary followed by your individual statements. You will have class on Tuesday, October 9 th to work with your group and ask questions as needed. The project is due at the start of class on Tuesday, October 16 th . List of Example Accounts Appliances Insurance Auto fuel Investment or Retirement Accounts Auto Loan Jewelry Bicycle Miscellaneous Electronics Books Miscellaneous Loan Cable Phone Charity Rent Clothing Scholarship earned Dues (e.g. club or association dues) Stereo Eating Out Student Loan Entertainment Subscriptions Food or Meal Plan Television Furniture Travel Groceries Tuition Health and Medical Utilities Home Loan Wages (i.e. revenue) House or Condominium...
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