Preparing a personal Balance Sheet. Use the following items to prepare a balance
ID: 2817950 • Letter: P
Question
Preparing a personal Balance Sheet. 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.
Rent for the month, $650
Monthly take-home salary, $1,950
Cash in checking account, $450
Savings account balance, $1,890
Spending for food, $345
Balance of educational loan, $2,160
Current value of automobile, $7,800
Telephone bill paid for month, $65
Credit card balance, $235
Loan payment, $80
Auto insurance, $230
Household possessions, $3,400
Stereo equipment, $2,350
Payment for electricity, $90
Lunches/parking at work, $180
Donations, $70
Home computer, $1,500
Value of stock investment, $860
Clothing purchase, $110
Restaurant spending, $130
Explanation / Answer
Balance sheet Assets Cash in checking account 450 Savings account balance 1890 Current value of automobile 7800 Stereo equipment 2350 Home computer 1500 Household possessions 3400 Value of stock investment 860 Total Asset 18250 Liabilities And Equity Credit card balance 235 Balance of educational loan 2160 Total liabilities 2395 Net worth 15855 Total Liabilities and Equity 18250 Total cash inflows Monthly take-home salary 1950 Total cash outflows Rent for the month 650 Spending for food 345 Auto insurance 230 Lunches/parking at work 180 Clothing purchase 110 Telephone bill paid for month 65 Loan payment 80 Payment for electricity 90 Donations 70 Restaurant spending 130 Total cash outflows 1950