1 - Based on the following data, compute the total assets, total liabilities, and net worth.

Balance Sheet

Liquid assets$4,930

Household assets$98,900

Investment assets21,400

Long-term liabilities79,000

Current liabilities3,500

Balance Sheet

Total assets: $________

Total liabilities: $_________

Net Worth: $___________

2 - Use the following items to determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows.

Rent for the month$1,240

Monthly take-home salary$3,420

Cash in checking account$700

Savings account balance$2,110

Spending for food$820

Balance of educational loan$2,930

Current value of automobile$8,590

Telephone bill paid for month$69

Credit card balance$236

Loan payment$177

Auto insurance$239

Household possessions$3,680

Stereo equipment$3,240

Payment for electricity$110

Lunches/parking at work$271

Donations$169

Home computer$1,870

Value of stock investment$1,750

Clothing purchase$148

Restaurant spending$177

Total assets: $________

Total liabilities: $________

Net worth: $__________

Total cash inflows: $__________

Total cash outflows: $__________

3 - For each of the following situations, compute the missing amount.

a.Assets $45,500Liabilities $21,300Net worth $________

b. Assets $80,600 Liabilities. $_______. Net worth $21,300

c. Assets. $46,400 Liabilities $19,100. Net worth $____________

d. Assets $__________ Liabilities $42,800. Net worth $57,400

4 - Jamie Lee Jackson, age 24, now a busy full-time college student and part-time bakery clerk, has been trying to organize all of her priorities, including her budget. She has been wondering if she is allocating enough of her income towards savings, which includes accumulating enough money towards the $12,000 down payment she needs to begin her dream of opening a cupcake caf.

Jamie Lee has been making regular deposits to both her regular, as well as her emergency savings account. She would really like to sit down and get a clearer picture of how much she is spending on various expenses, including rent, utilities, entertainment and how her debt compares to her savings and assets. She realizes that she must stay on track and keep a detailed budget if she is to realize her dream of being self-employed after college graduation.

Use the details below to complete Jamie Lee's personal financial plan to determine her financial position.Each answer must have a value for the assignment to be complete. Enter "0" for any unused categories.

Current Financial Situation

Assets -

Check Account: $1,550

Emergency fund savings account: $3,700

Car: $4,600

Computer and iPad: $800

Liabilities -

Student loan: $6,000

Credit card balance: $700

Income -

Gross monthly salary: $2,425

Net monthly salary: $1,880

Savings allocation -

Regular savings: $180

Rainy day savings: $25

Monthly Expenses -

Rent obligation: $305

Utilities/electricity: $110

Utilities/water: $75

Utilities/cable TV: $90

Gas/maintenance: $130

Credit card payment: $80

Car insurance: $80

Clothing: $80

Entertainment -

Cake decorating class: $60

Movies with friends: $80

Assets

Liquid assets

Checking account balance:__________

Savings/money market accounts, funds: _________

Cash value of life insurance:____________

Other:____________

Total liquid assets: $0

Household assets and possessions

Current market value of home:_________

Market value of automobiles: ____________

Furniture:_______

Computer, electronics, camera:_______

Jewelry:_______

Other:_________

Other:__________

Total household assets: $0

Investment assets

Savings certifications:_________

Stocks and bonds:_____________

Retirement accounts:__________

Mutual funds:__________________

Other:_______________________

Total investment assets:$0

Total assets: $0

Liabilities

Current liabilities

Charge account and credit card balances:_________

Loan balances:____________

Other:_______________

Total current liabilities: $0

Long-term liabilities

Mortgage: _______________

Other:___________________

Total long-term liabilities: $0

Total liabilities: $0

Net Worth

(assets minus liabilities) : $0

Answer rating: 100% (QA)

Answer 1 Computation of Total Assets Total Liabilities and Net Worth Total Assets Liquid assets 4930 Household assets 98900 Investment assets 21400 To... View the full answer