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TNormal No Spac... Heading1 Heading 2 Title S Subtitle Subtle Em... . Emphasis Font Paragraph Styles 3. 1) Use the items below to prepare a personal balance sheet for lim Gordon (use the worksheet Topic3 BalanceSheet posted on D21]. Hint: not all information is relevant Auto repair paid for last month: $650 Monthly take-home salary: $3,950 Cash in checking account: $450 Savings account balance: $690 Utility bills outstanding (includes telephone, gas, electricity): S100 Balance of educational loan: $5,200 Balance of auto loan: $3,500 Balance of home mortgage: $102,000 Home value (purchased price): $136,000 Value of stock investment: 51,060 Loan payments made last month S1,670 Donation made last year:$2,500 Household possessions (eg furniture, clothing): S3,400 Automobile: $11,500 Insurance premiums due: $470 Bank credit card balances (due next month): $1,060 Home value (market price): $156,000 Value of bond investment: $930 3. 21.Use the information from the balance sheet to calculate the solvency ratio and liquidity ratio for Jim. Interpret and evaluate the ratios.

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