Financial statements can be requested for many reasons, but the basis of each request is to either perform a measure of liquidity or calculate the ability for a person to carry debt.
Statement forms for individuals are typically preformatted for easy completion and are relatively self-explanatory. Most government financial statements require the preparer to sign under penalty of perjury, so do not intentionally falsify financial information, especially when signing under these stipulations.
- Skill level:
Things you need
- Recent bills
- Recent income statements
- Proof of other items claimed
Calculate monthly gross income from all sources. Gross income is the amount of income before taxes.
Calculate monthly expenses. Include the withholding taxes from gross income as an expense. Gross income minus expenses equals net income, or disposable monthly earnings.
Disclose asset information. Fair market value of an asset is equal to the current market price, not the amount originally paid for the item.
Disclose liabilities. The value of an asset minus the balance due equals the equity. Equity indicates the gain that could be realised through the sale of the asset.
Fill out the remainder of the form as per the specific statement format.
Tips and warnings
- Support is usually requested to substantiate claims on a financial statement. It is a good idea to retain copies of recent bills, payments, income statements and loan paperwork to prove the entries are legitimate.
- Free estimates of the value for homes and vehicles are available from some websites.
- 20 of the funniest online reviews ever
- 14 Biggest lies people tell in online dating sites
- Hilarious things Google thinks you're trying to search for