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GEORGRannsknarklasi jarhita Financial Statements 1.1.202131.12.2021 AuditedGEORGRannsknarklasi jarhita kt: 4304120350 Bjargargtu 1 102 ReykjavkContents PageReport of the Board of Directors and Operational
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How to fill out 7 individual financial statements

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Gather all personal financial information including income, expenses, assets, and liabilities.
02
Start with the balance sheet: list all assets (cash, investments, property) and liabilities (loans, mortgages) to determine net worth.
03
Prepare the income statement: calculate total income (salary, investments) and total expenses (bills, groceries) to find net income.
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Create a cash flow statement: record all cash inflows and outflows to track liquidity.
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Develop a debt statement: detail all debts including credit cards, loans, and payment schedules.
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Formulate a budget statement: outline expected income and planned expenditures for better financial management.
07
Compile a statement of financial position: summarize all previous statements for a comprehensive view of financial health.

Who needs 7 individual financial statements?

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Individuals seeking to manage their personal finances effectively.
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Anyone preparing for significant financial decisions, such as buying a home or planning for retirement.
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The 7 individual financial statements typically refer to the balance sheet, income statement, cash flow statement, statement of changes in equity, statement of comprehensive income, notes to the financial statements, and the management discussion and analysis.
Entities such as publicly traded companies, financial institutions, and certain large businesses are required to file these financial statements as part of regulatory compliance.
Filling out the financial statements involves gathering financial data, adhering to accounting principles such as GAAP or IFRS, and using the appropriate formats and templates for each statement.
The purpose of these statements is to provide a comprehensive overview of a company's financial health, performance, and cash flows to stakeholders and regulatory bodies.
Information such as assets, liabilities, equity, revenues, expenses, cash flows, and notes explaining accounting policies and estimates must be reported.
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