Question

Use the following items to prepare a balance sheet and a cash flow statement. Determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows. Balance Sheet and Cash Flows Rent for the month Cash in checking account Spending for food Current value of automobile Credit card balance Auto insurance Stereo equipment Lunches/parking at work $1,520 Monkhly take-home salary $4,070 2,420 2,340 104 920 Savings account balance 1,260 Balance of educational loan 7,820 Telephone bill paid for month 307 Loan payment 319 Household possessions 3,290 Payment for electricity 194 Donations 2,430 Value of stock investment 146 Restaurant spending 3,880 150 148 Home computer 1,670 145 Clothing purchase Balance Sheet and Cash Flows Total assets Total liabilities Net worth Total cash inflows Total cash outflows

Answer 1

Answer:

Total assets

Particulars	Amount
Cash in checking account	$920
Current value of auto mobile	7820
Stereo equipment	3290
Home computer	2430
Saving account balance	2420
Household possessions	3880
Value of stock investment	1670
Total	$22,430

Total Liabilities

Particulars	Amount
Credit card balance	$307
Balance of educational loan	2340
Total	$2,647

Cash inflows

Particulars	Amount
Cash in checking account	$920
Monthly take home salary	4070
Savings account balance	2420
Total cash inflow	$7,410

Cash Outflows

Particulars	Amount
Rent for the month	$1520
Spending for food	1260
Auto insurance	319
Parking at work	194
Clothing purchase	146
Telephone bill	104
Loan payment	84
Payment for electricity	150
Donations	148
Restaurant spending	145
Total cash inflow	$4,070

Particulars	Amount
Total assets	$22,430
Total liabilities	$2,647
Networth	$19783
Total cash inflows	$7,410
Total cash outflows	$4,070