199k views
19 votes
Use the following items to determine the toata assets ,total liabilities , net worth , total cash inflows and total cash outflows.

Rent for the month $ 650 Monthly take-home salary$ 2,185
Spending for food $ 345 Cash in checking account$ 450
Savings account balance $ 1,890 Balance of educational loan 2,160
Current value of automobile $8,800 Telephone bill paid for month 65
Credit card balance $ 235 Loan payment 80
Auto insurance $ 230 Household possessions 3,400
Video equipment $ 2,350 Payment for electricity 90
Lunches/parking at work $ 180 Donations 160
Personal computer $ 1,200 Value of stock investment 860
Clothing purchase $ 110 Restaurant spending 130

1 Answer

8 votes

Answer:

Determining the total assets, total liabilities, net worth, total cash inflows, and total cash outflows:

1. Total assets

Cash in checking account $ 450

Savings account balance $ 1,890

Current value of automobile $8,800

Household possessions 3,400

Video equipment $ 2,350

Personal computer $ 1,200

Value of stock investment 860

Total assets $18,950

2. Total liabilities

Rent for the month $ 650

Balance of educational loan 2,160

Credit card balance $ 235

Total liabilities $3,045

3. Net worth

Total assets $18,950

Total liabilities ($3,045)

Net worth $15,905

4. Total cash inflows

Monthly take-home salary $ 2,185

5. Total cash outflows

Spending for food $ 345

Telephone bill paid for month 65

Loan payment 80

Auto insurance $ 230

Payment for electricity 90

Lunches/parking at work $ 180

Donations 160

Clothing purchase $ 110

Restaurant spending 130

Total cash outflows $1,390

Step-by-step explanation:

a) Data and Calculations:

Rent for the month $ 650

Monthly take-home salary$ 2,185

Spending for food $ 345

Cash in checking account$ 450

Savings account balance $ 1,890

Balance of educational loan 2,160

Current value of automobile $8,800

Telephone bill paid for month 65

Credit card balance $ 235

Loan payment 80

Auto insurance $ 230

Household possessions 3,400

Video equipment $ 2,350

Payment for electricity 90

Lunches/parking at work $ 180

Donations 160

Personal computer $ 1,200

Value of stock investment 860

Clothing purchase $ 110

Restaurant spending 130

User Deroby
by
8.2k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories