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Liberty University Accounting Worksheet

Liberty University Accounting Worksheet


This week you will be filling out a person balance sheet, personal cash flow statement, and
annual budget summary. You will then be writing a 100 word conclusion about how the balance
sheet, cash flow, and budget all work together. Please refer to the Exercise: Filling Out
Worksheets Template under the Exercise: Filling Out Worksheets Assignment Resources.
The suggested websites for the Personal Balance Sheet in the Exercise: Filling Out
Worksheets Template are Money, The Simple Dollar. The suggested app is Personal Capital.
These can be found in the Exercise: Filling Out Worksheets Resources.
The suggested websites for the Personal Cash Flow Statement in the in the Exercise: Filling
Out Worksheets Template is The Simple Dollar. The suggested apps are Expensify, Prism,
and Every Dollar. These can be found in the Exercise: Filling Out Worksheets Resources.
The suggested Websites for the Annual Budget Summary in the in the Exercise: Filling Out
Worksheets Template are My Money and U.S. Bureau of Labor Statistics. The suggested app
is Mint. These can be found in the Exercise: Filling Out Worksheets Resources.
Please use this information to fill out the balance sheet and cash flow statement. Use your own
information to do the budget. If you do not have any information, you can use this.
? I graduated from college 3 years ago and just bought my first house. I make $42,000 a
year for a salary. I get paid $1436.25 (which taxes and my 401K are taken out) on the 1st
and 15th. My company also pays my health insurance premium. My company does a
100% match on my 401K up to 6% of my salary, so I have been doing that for the last 3
years and have that money and what they matched in my retirement account. I also have
been saving $200 a month for the last 3 years that is in my savings account. If I have a
surplus when I budget or do my cash flow, I save $200 and put the rest in mutual funds. I
have invested $10,500 in mutual funds.
? I bought my house for $175,000, but it is already appraising for $180,000. My mortgage
is for $150,000. I got a 3% interest rate over 30 years, so my monthly payment including
taxes is $800 a month. Insurance is $900 a year, but I pay it monthly. Electric is about
$75 a month and water is $25. Food generally is around $400 a month. My car payment
is $250/month and car insurance of $50/month and gas of $200/month. My cell phone is
$50/month, clothes average $50/month and fun money is about $100/month. I tithe 10%
of my gross income every month.
? As far as what I own, my checking account is currently at $1,600. I have a life insurance
plan that will pay out $100,000 if I die, but it has a cash value of $6,250. According to
KBB, my car is worth $12,000. However, I still owe $4,000 on it. I have a credit card that
I pay off every month, but the current balance is $545. I do not put the credit card
payment in my cash flow or budget, as I use it to pay the items that are already in my
budget and cash flow like gas and food. I also own a laptop that I paid $2000 for, but it is
probably worth $600 currently. I just paid $6,000 for furniture for my house.

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