PERSONAL FINANCE 7: A PERSONAL BALANCE SHEET & INCOME STATEMENT WITH NO EARNING ASSETS
In PERSONAL FINANCE 3 (A PERSONAL BALANCE SHEET WITH NO EARNING ASSETS), we discussed the case of a person without any physical or financial Earning Assets. In this case, we presented the possibility of Manhours being an Earning Asset and the only Earning Asset.
The Manhours are valued at the salaries and / or professional fees earned during a period (say, a year).
The corresponding Income Statement for this Balance Sheet would be:
