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Personal Budget, Balance Sheet, and Cash Flow Statement

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Choose a client or yourself. For confidentiality purposes, use a fictitious name.
Prepare a personal budget, balance sheet, and cash flow statement.
Write a memo that includes the following:

• A summary of the facts, including ages of the client, spouse, and dependents; educational background; income status of client and spouse; and two major concerns and goals.

• Summary of key items and findings from the personal budget, balance sheet, and cash flow statement.

• Recommendations and support for improving the financial situation

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Solution Summary

Understanding where we are can allow us to determine the proper course of action for future financial decision making. This discussion provides a template and a road map for determining our own value, based upon listing assets, liabilities, net worth, and cash flow.

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Without knowing the client or having information for yourself, I will provide a template for you to plug in the necessary figures:

Balance Sheet

Current Assets: Current Liabilities:

Cash on Hand Accounts Payable (short term)

Accounts Receivable (money owed short term) Accrued Expenses (what bills are outstanding and when to be paid)

Short term investments (CD's, T Bills, etc.) Short term loans (money owed to be paid within a year)

Other current assets (supplies, etc.)

Savings Accounts, Investment Accounts Other current liabilities (money borrowed from a friend or family member)

Long Term Assets: Long Term Liabilities:

Building (house or other property) Mortgage

Equipment ...

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