1) Use the items below to prepare a personal balance sheet for Jim Gordon (use the worksheet Topic3_BalanceSheet posted on D2L). 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, Household possessions (eg. furniture, clothing) Home value (purchased price): $136,000 Value of stock investment: $1,060 Loan payments made last month $1,670 Donation made last year: $2,500 gas, electricity): $100 Balance of educational loan: $5,200 Balance of auto loan: $3,500 Balance of home mortgage: $102,000 $3,400 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. 2) Use the information from the balance sheet to calculate the solvency ratio and liquidity ratio for Jim. Interpret and evaluate the ratios