What is a Financial Statement?
All Probate and Family Courts require you to fill out a Financial Statement if you are a party in a case and your case involves money, such as in a case involving child support or alimony. The purpose of this form is for you to explain your financial situation to the court. The court has a Short Form and a Long Form Financial Statement. Use the Short Form if your gross income (income before taxes and any deductions) is less than $75,000 per year. Filing a Financial Statement should not be taken lightly. You must tell the truth about all of your income and expenses. If you do not, you could hurt your case.
All Probate and Family Courts require you to fill out a Financial Statement if you are a party in a case and your case involves money, such as in a case involving child support or alimony. The purpose of this form is for you to explain your financial situation to the court. The court has a Short Form Financial Statement and a Long Form. Use the Short Form if your gross income (income before taxes and any deductions) is less than $75,000 per year. Filing a Financial Statement should not be taken lightly. You must tell the truth about all of your income and expenses. This booklet will help you fill out a Financial Statement (Short Form), answer some basic questions about what to include, and give you practical tips that will hopefully make it easier for you to complete this form.
Every company issues their financial statement at the end of each fiscal or financial year. These documents provide a summary of all revenue and expenses incurred by the business during this period. The audience for the financial statements includes company officers, investors, creditors, and customers. A typical financial statement is comprised of three separate reports: income statement, balance sheet, and cash flow. These three documents provide a detailed view into company operations, volume of sales and overall management. In a publicly traded company, an independent accounting firm reviews these statements and an opinion on the accuracy of these reports is provided. This is called an audit opinion statement and is used to provide assurance that the company’s records are accurate. An income statement provides details of the sources of income, amount received, and the total expenses in broad categories. Typically, income categories are sales revenue, investment revenue and services
A Financial Statement is a simple and effective way to show you your income, expenses, priority and non-priority creditors. Your Advisor will work with you to compile this statement and from it will calculate the amount you can afford to pay your creditors after giving consideration to your priority debts – mortgage, utilities, council tax etc and day-to-day living expenses. Please note this can only be compiled with an Advisor. To organise an appointment please call us on 01403 258040.
