How to Fill Out a Financial Statement

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Fill out a financial statement by listing assets from home value, investments and monthly income, and then listing information on liabilities and debts. Calculate net worth in a financial statement with help from a certified public accountant in this free video on financial statements.

Part of the Video Series: Finance & Accounting Facts
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Video Transcript

My name's Miranda Chook, a CPA. Frequently, lenders ask borrowers to fill out financial statements. They usually provide a template but in general, this is what they're looking for. Under the assets section, they would like you to write down the fair value of your home, any investment accounts, bank accounts, things like that that you own, and then on the liability side, they need to know other debt that you have, a mortgage on an existing home or equity lines of credit, and credit card debt, student loans, car loan, things like that, and then the result in amount is your net worth which will be considered along with your monthly income to see if you qualify for a loan, and of course, they will also look at credit scores and other information, to not only see if you qualify but also to determine what kind of payment terms to offer to you.

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