Question

fan and medal...2.Your parents tell you that they must create a personal balance sheet. Explain what a personal balance sheet is and explain the three steps they must use in its creation.

Answer 1

@inkyvoyd

Answer 2

A personal balance sheet lists current assets such as cash in checking accounts and savings accounts, long-term assets such as common stock and real estate, current liabilities such as loan debt and mortgage debt due, or overdue, long-term liabilities such as mortgage and other loan debt. Securities and real estate values are listed at market value rather than at historical cost or cost basis. Personal net worth is the difference between an individual's total assets and total liabilities. To make one, you need to pull together all of the information that you have available. Next, you can look at your liabilities.