The New York Net Worth Statement Rev. 6/2016, Eff. 8/1/16, is a financial document that outlines an individual's net worth as of 8/1/2016. It is used to provide an accurate snapshot of an individual's financial situation, including their assets, liabilities, and net worth. This statement is used by financial advisors to gain insight into an individual's financial health and risk tolerance. The New York Net Worth Statement Rev. 6/2016, Eff. 8/1/16, is divided into two sections: Assets and Liabilities. The Assets section is divided into Current Assets, Fixed Assets, and Other Assets. Current assets include cash, accounts receivable, and marketable securities. Fixed assets include real estate, equipment, and vehicles. Other assets include investments, life insurance policies, and business interests. The Liabilities section is divided into Current Liabilities and Long-Term Liabilities. Current liabilities include credit card debt, accounts payable, and taxes due. Long-term liabilities include mortgages, student loans, and other long-term debt. After listing assets and liabilities, the statement subtracts liabilities from assets to calculate an individual's net worth.
New York Net Worth Statement Rev. 6/2016, Eff. 8/1/16
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