Financial Statement-ShortSale

Understanding about financial statements

A financial statement is a summary report which depicts how the organization has used the finances entrusted to it. It explains the current financial position. Three basic statements are Income statement, cash flow statement and the balance sheet.  They are also called as business financials.

Types of statements

Main types of financial statements are listed below:

1. Balance sheet: This represents the organization’s financial position at particular date.  It  consists of following 3 elements:

Equity – Equity is what the company owes to its shareholders or owners. This is the amount which remains with the business after it has used up all its assets to pay off the liabilities. Hence, equity is Assets – Liabilities.

Assets- Assets are something which the business controls or owns.

Liabilities- Liabilities are something which the organization owes to others like creditors, bankers, etc.

2. Income statement: This is also known as statement of profit and loss. It reports the organization’s performance with respect to net loss or profit over a specific period of time. It includes 2 elements:

Income- It is what the company has earned during the particular period like dividend income, sales revenue, etc.

Expense- It is the cost incurred over a period by the business like wages, depreciation, etc.

3. Cash flow statement: It represents the cash movement and bank balances.  It also has 2 segments- Operating activities (cash flow the main or primary activities of the business) or investing activities ( cash flow sale and purchase of assets)
4. Statement of retained earnings: It is related to the movement of the owner’s equity during a particular period.

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Sample Template Preview

Financial Statement

Borrower

Name: _________________________
Current Mailing Address:__________
_______________________________
City:_____________________
State:____________________
Zip:______________________

Telephone Day:___________________
Telephone Evening:________________

Social Security Number:____-___-____

# of Dependants:___

Ages of Dependants:___  ___  ___  ___

Are you currently employed? _________

Length of Employment (months): ___

Gross income: $_________

Paycheck deductions:
Medical Insurance: $________

Life Insurance: $________

Retirement: $_______

Profit Sharing: $________

Other Deductions: $________

Explain:______________
____________________

What is your pay cycle?____________

Monthly Net income? _____________

Do you receive a monthly bonus? _____
Amount: $________

Co-Borrower

Name: ___________________________
Current Mailing Address:____________
_________________________________
City:_______________________
State:______________________
Zip:_______________________

Telephone Day:____________________
Telephone Evening:_________________

Social Security Number:____-___-____

# of Dependants:___

Ages of Dependants:___  ___  ___  ___

Are you currently employed? _________

Length of Employment (months): ___

Gross income: $_________

Paycheck deductions:
Medical Insurance: $________

Life Insurance: $________

Retirement: $_______

Profit Sharing: $________

Other Deductions: $________

Explain:______________
____________________

What is your pay cycle?____________

Monthly Net income? _____________

Do you receive a monthly bonus? _____
Amount: $________

Do you receive overtime/commission?__
Amount$______

Is this amount earned:

Are you self employed? ______        If yes, date of last employment    _______

Former Gross monthly Income: $____

Total Severance Package Value:
$________

Monthly Unemployment Pay:
$________

Do you receive Child Support? ___
Total monthly Payments?
$___________
expiration date_________

Do you receive alimony? ___
Total monthly Payments?
$__________
expiration date:________

Other Income:
Source:______

For which year did you last file a tax return?______
Gross Income: $__________
Interest Income $_________
Dividend Income: $_______

If you did not file a tax return last year explain why? _____________________
_________________________________

Total Checking Balance: $___________

Name and address of financial Institution:

Do you receive overtime/commission?__
Amount$______

Is this amount earned:

Are you self employed? ______        If yes, date of last employment    _______

Former Gross monthly Income: $____

Total Severance Package Value:
$________

Monthly Unemployment Pay:
$________

Do you receive Child Support? ___
Total monthly Payments?
$___________
expiration date_________

Do you receive alimony? ___
Total monthly Payments?
$__________
expiration date:________

Other Income:
Source:______

For which year did you last file a tax return?______
Gross Income: $__________
Interest Income $_________
Dividend Income: $_______

If you did not file a tax return last year explain why? _____________________
_________________________________

Total Checking Balance: $___________

Name and address of financial Institution:
Account Number:__________________

Total Savings Balance: $___________

Name and address of financial Institution:

Account Number: __________________

Company Retirement Account:
$_______________

Total 401k/IRA: $____________

Total Investments:
Stocks: $__________
Bonds: $__________
Other Securities: $_______
Other: $_________

Total other assets:
Cash value of Life Insurance?
$___________
Notes Payable to you?
$___________
Personal Property: $ ________
Vehicles: $ ____________
Others: $ ___________

How many properties do you own? ____
For each property (attach a separate sheet for more that one)

Current Value: $_____________
Monthly Rental: $____________
Debt on Property: $___________
Is the debt past due:________
Monthly homeowners dues: $___

Account Number:__________________

Total Savings Balance: $___________

Name and address of financial Institution:

Account Number: __________________

Company Retirement Account:
$_______________

Total 401k/IRA: $____________

Total Investments:
Stocks: $__________
Bonds: $__________
Other Securities: $_______
Other: $_________

Total other assets:
Cash value of Life Insurance?
$___________
Notes Payable to you?
$___________
Personal Property: $ ________
Vehicles: $ ____________
Others: $ ___________

How many properties do you own? ____
For each property (attach a separate sheet for more that one)

Current Value: $_____________
Monthly Rental: $____________
Debt on Property: $___________
Is the debt past due:________
Monthly homeowners dues: $___