Use the following items to prepare a balance sheet and a cash flow statement. De
ID: 2809637 • Letter: U
Question
Use the following items to prepare a balance sheet and a cash flow statement. Determine the total assets, total lilabilities, net worth total cash Inflows, and total cash outfiows Rest for 1.240 Monthly tak-home salary 100 savisgs acoount balanee 20 Ralance of eduestional loan Telephone bi 11 paid for meth 2,110 69 ,680 Spending for food Carrent value ot automobile Auto issurance Lunches/parking at work Clothing paurchase ,240 Payment for electrieity 1,970 Value of stoek investmest 148 Restsar att spending in Galance Sheet and Cash Flows cash inlows command optionExplanation / Answer
Balance Sheet and Cash Flows
Total assets
$21860
Total liabilities
$3136
Net worth
$18694
Total cash inflows
$3420
Total cash outflows
$3420
Explanation;
1. Total assets ($700 + $2110 + $8590 + $3240 + $1870 + $3600 + $1750) = $21860
2. Total liabilities ($236 + $2930) = $3166
3. Net worth ($21860 – $3166) = $18694
4. Total cash inflows = $3420
5. Total cash outflows = ($1240 + $820 + $239 + $271 + $148 + $69 + $177 + $110 + $169 + $177) = $3420
Balance Sheet and Cash Flows
Total assets
$21860
Total liabilities
$3136
Net worth
$18694
Total cash inflows
$3420
Total cash outflows
$3420