Financial Statement (Long Form): This document is used to identify the income and expenses and the assets and debts of the parties. This form is for use by parties with an annual income equal to or greater than $75,000. Please note that you MUST print this Financial Statement on bonded purple paper and the second page must be printed on the back of the first page. This form is available in PDF format.
Massachusetts Financial Statement - Long Form
State:
Massachusetts
Control #:
MA-CJ-D-301L
Format:
PDF
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Description Long Form Financial Statement
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FAQ
The statement of financial position is formatted like the accounting equation (assets = liabilities + owner's equity). Thus, the assets are always listed first.
For example, if you have a house and a car with a value of $100,000, and you have a mortgage and car loan for $75,000, your net worth is $25,000. Net worth for an individual is similar to owner's equity for a business. Therefore, a personal financial statement is similar to a business's balance sheet.
A complete set of financial statements is made up of five components: an Income Statement, a Statement of Changes in Equity, a Balance Sheet, a Statement of Cash Flows, and Notes to Financial Statements. This chapter of the Accounting 101: The Basics course presents the components of a financial statements package.
There are four main financial statements. They are: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders' equity. Balance sheets show what a company owns and what it owes at a fixed point in time.
A financial statement provides a summary of the financial details of the party including information about income, expenditure, property owned, superannuation and liabilities. A Financial Statement is required for any case where an order for spousal maintenance is sought.
List your assets (what you own), estimate the value of each, and add up the total. Include items such as: List your liabilities (what you owe) and add up the outstanding balances. Subtract your liabilities from your assets to determine your personal net worth.
Statement of Cash Flows. A cash flow statement is one of the most important planning tools you have available. Income Statement. Like a cash flow statement, an income statement is one of the most important and valuable financial statements at your disposal. Balance Sheet. Statement of Changes in Equity.
Balance Sheet. Income Sheet. Statement of Cash Flow. Step 1: Make A Sales Forecast. Step 2: Create A Budget for Your Expenses. Step 3: Develop Cash Flow Statement. Step 4: Project Net Profit. Step 5: Deal with Your Assets and Liabilities.
The basic format for an income statement states revenues first, followed by expenses. The expenses are subtracted from the revenue to calculate the net income of the business.