a. Question 6 (13 marks) What are personal financial statements and what purposes do these personal financial statements serve? 4 marks b. Jacob has gathered the following information to prepare his personal financial statements: Monthly rental payment Deposit in saving account Spending for food Value of mountain bike Credit card outstanding balance Telephone bill paid for month Instalment loan repayment Deposit in current account Life insurance premium payment Household possessions Payment for electricity, gas and water Tablet Notebook computer Donations to church Purchase of clothing Value of stock investment Dividend from stock investment Transportation cost Value of mutual fund investments Repayment of educational loans Purchase of gifts Monthly take-home salary Retirement account saving Balance of educational loan Dividends from mutual fund investments $10,000 $20,000 $8,000 $28,000 $25,000 $600 $2,500 $1,200 $1,500 $45,000 $1,600 $15,000 $3,800 $2,000 $150,000 $3,000 $3,800 $100,000 $2,000 $1,500 $38,000 $50,000 $50,000 $2,000 Based on the above information, calculate Jacob's: i. total assets; ii. total liabilities; iii. net worth; iv. total cash inflows; and v. total cash outflows. Show all your calculations. 9 marks