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2 September, 03:48

Use the following items to determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows. Rent for the month, $650 Monthly take-home salary, $2,185Spending for food, $345 Cash in checking account, $450Savings account balance, $1,890 Balance of educational loan, $2,160Current value of automobile, $8,800 Telephone bill paid for month, $65Credit card balance, $235 Loan payment, $80Auto insurance, $230 Household possessions, $3,400Video equipment, $2,350 Payment for electricity, $90Lunches/parking at work, $180 Donations, $160Personal compute

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  1. 2 September, 04:17
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    Assets

    Monthly take-home salary $2,185

    Cash in checking account $450

    Savings account balance $1,890

    Current value of automobile $8,800

    Household possessions $3,400

    Video equipment $2,350

    Total Assets: $19,075

    Liabilities

    Rent for the month $650

    Spending for food $345

    Balance of educational loan $2,160

    Telephone bill paid for month $65

    Credit card balance $235

    Loan payment $80

    Auto insurance $230

    Payment for electricity $90

    90Lunches/parking at work $180

    Donations $160

    Total Liabilities: $4,195

    Net Worth = total assets - total liabilities

    Net Worth = $19,075 - $4,195

    Net Worth = $14,880

    Cash inflows

    Monthly take-home salary $2,185

    Total cash inflows: $2,185

    Cash outflows

    Rent for the month $650

    Spending for food $345

    Telephone bill paid for month $65

    Loan payment $80

    Auto insurance $230

    Payment for electricity $90

    90Lunches/parking at work $180

    Donations $160

    Total cash outflows: $1,800
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