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Introduction to Personal Finance

by: Dee Gislason

Introduction to Personal Finance PFP 3301

Marketplace > Texas Tech University > Personal Financial Planning > PFP 3301 > Introduction to Personal Finance
Dee Gislason
GPA 3.73

Daniel Myers

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Daniel Myers
Class Notes
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This 2 page Class Notes was uploaded by Dee Gislason on Thursday October 22, 2015. The Class Notes belongs to PFP 3301 at Texas Tech University taught by Daniel Myers in Fall. Since its upload, it has received 19 views. For similar materials see /class/226506/pfp-3301-texas-tech-university in Personal Financial Planning at Texas Tech University.

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Date Created: 10/22/15
Financial Statements Assignment Based on the following information prepare a balance sheet and income and expense statement as of December 31 2008 for Jeremy Meeks Use the Financial 39U vlsv r 39 39 to record the following information There are two spreadsheets in the Excel workbook and your assignment is to determine what is an asset a liability income or an expense Complete this assignment before taking this week s quiz since some of the questions are based on the answers from this assignment After taking the quiz submit the Excel workbook with your results for the Financial Statements Assignment 1 Note You will need to decide where each item goes This assignment is meant to familiarize you with how nancial statements work Jeremy Meeks just graduated from college in December Jeremy is currently waiting tables but looking for a better job and hopes to become a restaurant manager He knows that when he gets a job his income will go up significantly but so will his expenses as he s decided to buy his first house He is meeting with a local banker at the end of the week and needs some help creating personal financial statements Hint Each of the following items belongs in a section of the financial statements needed to give to the banker Let me know ifyou have questions Salaries Gross Jeremy s earnings as a waiter 15000 Jeremy s earnings from teaching guitar lessons 4000 Item Amount Dividends earned on stock investments annually 400 Groceries annually 2700 Eating out and entertainment annually 1500 Clothing expense annually 1800 Rent annually 4800 Utilities ie gas electric water bills annually 1600 Musical equip guitars amps and microphones already owned 2500 Auto loan balance outstanding balance 6000 Credit card balances outstanding 200 Income taxes owed by April 15 2400 Income tax refund due 400 Credit card payments monthly 600 Cash on hand 400 2002 Jeep Grand Cherokee value already owned 7500 Checking account balance 625 Stocks current value 8000 Auto insurance premiums for the year 1200 Gas for the car annually 2100 Cell phone bills annually 750 Auto loan payments annually 4200 Savings account current balance 1400 Student Loans total 10500 Loan to purchase Fender Signature Strat Guitar total 600 PFP 3301 Introduction to Personal Finance Payments on guitar annually 350 Interest on savings account annual 25 Furniture already owned 4000 Electronics already owned 3000 Transfer from Savings already taken out of savings not yet in checking 3000 PFP 3301 Introduction to Personal Finance


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