Question: Use the items below to prepare a personal balance sheet for Jim Gordon. Determine the total assets, total liabilities, and net worth. and Use the

Use the items below to prepare a personal balance sheet for Jim Gordon. Determine the total assets, total liabilities, and net worth. and Use the information from the balance sheet to calculate the solvency ratio and liquidity ratio for Jim. Interpret and evaluate the ratios. 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, gas, electricity): $100 Balance of educational loan: $5, 200 Balance of auto loan: $3, 500 Balance of home mortgage: $102,000 Home value (market price): $156,000 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 Household possessions (eg. furniture, clothing): $3, 400 Automobile: $11, 500 Insurance premiums due: $470 Bank credit card balances (due next month): $1, 060 Value of bond investment: $930

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