OM4 IM C7 FINAL - If so, what kind of collateral do I have...

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ACCOUNTING 201 MODULE 2 SESSION LONG PROJECT DR. WENDY ACHILLIES One decision is to determine all my income and expenses to include gross salaries and wages, bonuses, interest, pension and social security and any other source of income that would be beneficial to me. Just to see where I am heading in the future I may want to calculate my expenses over a period of time, for instance, what I may have in the next six months verses a year. This way it could give me idea if there are any ups or downs that I need to be concerned with. The income statement would be beneficial to me. I would use it by detailing all the income I have received and the expenses that need to be paid. This would give me a good idea what I have left to spend and enjoy the things I wish to do. Another decision would be to compare how much money is coming in and how much is going out. I would want to know if all the money I am spending is more than my net income. Where the majority of my money is going; and will there be a need to borrow.
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Unformatted text preview: If so, what kind of collateral do I have If I should default on the loan, or not pay it back in the amount of time determine. I would use a balance statement to actually see how much money I have on hand and determine if my investments is enough to cash in just in case of an emergency. I would use it to determine how much collateral I have and see if it is more than I own. The last decision is to monitor the money that I am bring in and to carefully watch what I am spending. And from what sources these transactions are coming from. I would want to know any changes in my income from my investments or financial transactions due to any debts that I may have. Interest rates go up and down and a good cash-flow statement should help me determine this. I would use it for a short-term capability, specifically to see what bills I need to pay and whose has priority....
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This note was uploaded on 10/26/2011 for the course TOM 301 taught by Professor Williamcosgrove during the Fall '08 term at Cal Poly Pomona.

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OM4 IM C7 FINAL - If so, what kind of collateral do I have...

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