Music here is mark Kohler. I want to talk about building a personal financial statement. This is a really important procedure tool. It's going to help you in a lot of different ways, and I'm not talking about a business financial statement with a profit and loss and balance sheet and all that that's it another video for another day. Bringing in QuickBooks into the mix and all the bookkeeping that comes with that, but there's going to be a lot of times when you need to build a personal financial statement maybe for a bank loan your kids are applying for FAFSA you're going into a new business venture a bank is asking one for credit line who knows but having a good financial statement at your fingertips can help you succeed in business, and it's going to help you look a lot more professional so let's dive into it. Now, a good place to start is what a typical financial statement looks like. Then we can put it in perspective. So, if you have a business you're going to have what's called a profit and loss, and you're also going to have a balance sheet. This is really typical of a small business with a good set of books, and it all ties out new accountants. Know what I'm talking about. This is a typical set of financial statements. But when you're talking about a personal financial statement let me tell you what the bank wants. They want a balance sheet. This is what they're focused on. They're going to find what your income is when you declare your income maybe even show your tax return. Where do you have a w-2 do some small business income k1 whatever that's going to come in a separate form but what...
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How to prepare Long Financial Statement
About Long Financial Statement
A long financial statement refers to a detailed and comprehensive document that provides an extensive analysis of a company's financial performance over a specific period. It includes numerous sections and sub-sections, presenting various financial data and indicators such as income statements, balance sheets, cash flow statements, and accompanying footnotes. Long financial statements are typically prepared by organizations that are required to provide extensive financial information to their stakeholders, such as shareholders, investors, regulators, and financial institutions. Publicly traded companies are obligated to prepare and publish long financial statements on a regular basis, usually quarterly and annually, to ensure transparency and fulfill legal and regulatory requirements. These statements are also beneficial for potential investors, analysts, and creditors, as they provide in-depth insights into the company's financial health, performance, and potential risks.
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