Use the following items to prepare a balance sheet and a cash flow statement. Determine the total
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.
1. Rent for the month, $650
2. Monthly take-home salary, $1,950
3. Cash in checking account, $450
4. Savings account balance, $1,890
5. Spending for food, $345
6. Balance of educational loan, $2,160
7. Current value of automobile, $7,800
8. Telephone bill paid for month, $65
9. Credit card balance, $235
10. Loan payment, $80
11. Auto insurance, $230
12. Household possessions, $3,400
13. Home entertainment system, $2,350
14. Payment for electricity, $90
15. Lunches/parking at work, $180
16. Donations, $70
17. Computers, $1,500
18. Value of stock investment, $860
19. Clothing purchase, $110
20. Restaurant spending, $130
Step by Step Answer:
Personal Finance
ISBN: 9781264101597
14th Edition
Authors: Jack Kapoor, Les Dlabay, Robert Hughes, Melissa Hart