Can you help me understand this Accounting question?
Your Non-CONNECT assignment #1 is to:
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- Prepare a Personal Income Statement
- Show your source(s) of income, if any
- Show your expense(s), if any
- You will then calculate “Net Income” or “Net Loss”
- Prepare a Personal Balance Sheet
- Show your Current Assets, if any
- Show your Long-Term Assets, if any
- Show your Intangible Assets, if any
- Show your Current Liabilities, if any
- Show your Long-Term Liabilities, if any
- Show your Equity, if any
- “Equity” may be the amount needed to ensure that your Balance Sheet balances