Question

Use the following items to determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows Rent for the month Spending for food Savings account balance Current value of automobile Credit card balance Auto insurance Video equipment Lunches/parking at work Personal computer Clothing purchase $ 1,250 Monthly take-home salary $645 Cash in checking account $ 2,010 Balance of educational loan $. 9,700 Telephone bill paid for month $295 Loan payment $350 Household possessions $ 2,650 Payment for electricity $240 Donations $ 1,800 Value of stock investment $170 Restaurant spending $ 2,785 $570 $ 2,880 $125 $ 200 $ 4,600 $150 $280 $ 1,160 $ 190 a. Total assets b. Total liabilities C. I Net worth d. Total cash inflows e. Total cash outflows

Answer 1

a:

Assets
Savings account	$2,010.00
Automobile	9700
Auto Insurance	350
Video equipment	2650
Personal computer	1800
Cash in checking account	570
Household possessions	4600
Stock Investment	1160
TOTAL	$22,840.00

b:

Liabilities
Education loan	2880
Credit card balance	295
TOTAL	3175

c: Net worth -= Assets- Liabilities

= 22840-3175

=$ 19665

d:

Cash Inflows
Salary	2785
TOTAL	2785

e:

Cash Outflows
Rent	1250
Food	645
Lunch/parking	240
Clothing	170
Telephone	125
Loan payment	$200.00
Electricity	150
Donations	280
Restaurant	190
TOTAL	$3,250.00