1.Use the information below to prepare a balance sheet and a cash flow statement for Mr. Clayton. Calculate his net worth and cash surplus or deficit.

Monthly take-home salary, $6,250

Part-time average monthly salary, $480

Value of furniture and house content, $120,000

Home maintenance and repairs, $100

Cash in chequing account, $2,500

Savings account balance, $7,370

Monthly Spending on grocery, $360

Value of car, $18,500

Monthly payment on credit card, $85

Restaurant spending, $140

Lunch & parking, $220

Mortgage outstanding, $163,000

Electronic equipment$9,500

Car loan outstanding, $12,000

Monthly Home and Auto insurance, $245

Monthly payment on car loan, $310

Value of house, $255,000

Mortgage & Property tax payment, $ 1,900

Gas and car maintenance, $150

Credit card balance, $6,300

Average monthly phone bill, $107

Average monthly Electricity bill, $235

Monthly charitable donation, $300

Clothing purchase (monthly), $120

Value of Stock investment, $38,500

Monthly Entertainment, $120

Monthly Social Club dues $65

Miscellaneous expenses $180