Financial statement

Can you help me understand this Accounting question?

Your Non-CONNECT assignment #1 is to:

  • 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