Preparing a personal balance or statement of financial position helps get a handle on your financial well-being. A balance sheet has three parts that, when taken together, summarize your financial picture. Complete the following balance sheet equation by selecting the correct term for each piece of the formula. What you own (Total Assets) = | What you owe (Total Liabilities) + What you have (Net Worth)
The items you own, or your assets are classified regardless of whether they were purchased for cash or financed with debt. A useful way to group assets is on the basis of their underlying categories: liquid assets, investments, real property, and personal property.
Choose the correct category for each asset in the following table.
Liquid Assets Investments Real Property Personal Property
Your in-ground swimming pool
Front sidewalk
Your pontoon boat
Your Mont Blanc pen
Municipal bond
Individual retirement account (IRA)
Checking account
A savings account 이이이이이이이이 0 0 0 0 0 0 0 0 0 0 0 0 0 이이이이이이이이이
As you gather asset information, it is important to identify and record all assets. Regardless of asset category, all assets listed on the balance sheet should be recorded at
You are calculating your net worth, and you have determined that your assets total $110,000, and your liabilities total $90,000. Your net worth is therefore

During the first month of operations, martinson services, inc., completed the following transactions: jan 2 martinson services received $65,000 cash and issued common stock to the stockholders. 3 purchased supplies, $1,000, and equipment, $12,000, on account. 4 performed services for a customer and received cash, $5,500. 7 paid cash to acquire land, $39,000. 11 performed services for a customer and billed the customer, $4,100. martinson expects to collect within one month 16 paid for the equipment purchased january 3 on account. 17 paid for newspaper advertising, $600. 18 received partial payment from customer on account, $2,000. 22 paid the water and electricity bills, $430. 29 received $2,600 cash for servicing the heating unit of a customer. 31 paid employee salary, $2,900. 31 declared and paid dividends of $1,800. requirements 1. record each transaction in the journal. key each transaction by date. explanations are not required. 2. post the transactions to the t-accounts, using transaction dates as posting references. label the ending balance of each account bal, as shown in the chapter. 3. prepare the trial balance of martinson services, inc., at january 31 of the current year. 4. mark martinson, the manager, asks you how much in total resources the business has to work with, how much it owes, and whether january was profitable (and by how much)?

True or false entrepreneurs try to meet the needs of the marketplace by supplying a service or product

What is one counter argument to the premise that the wealth gap is a serious problem which needs to be addressed?