In: Finance
Use the following items to determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows.
Rent for the month | $ | 1,450 | Monthly take-home salary | $ | 2,985 |
Spending for food | $ | 745 | Cash in checking account | $ | 610 |
Savings account balance | $ | 2,050 | Balance of educational loan | $ | 3,120 |
Current value of automobile | $ | 9,500 | Telephone bill paid for month | $ | 145 |
Credit card balance | $ | 315 | Loan payment | $ | 240 |
Auto insurance | $ | 390 | Household possessions | $ | 5,000 |
Video equipment | $ | 2,750 | Payment for electricity | $ | 170 |
Lunches/parking at work | $ | 260 | Donations | $ | 320 |
Personal computer | $ | 2,000 | Value of stock investment | $ | 1,260 |
Clothing purchase | $ | 190 | Restaurant spending | $ | 210 |
|
A.Total Assets
Assets | Amount |
Bank A/c | 2,050 |
Automobile | 9,500 |
Video equipment | 2,750 |
Personel computer | 2,000 |
Cash | 610 |
Household possesion | 5,000 |
Stock investment | 1,260 |
23,170 |
B.Total liabilities
Liabilities | Amount |
Education loan | 3120 |
3120 |
C.Net worth
Total Assets -Total liability
=23,170 - 3120
=20,050
D.CASH INFLOW
SALARY=2,985
E.CASH OUTFLOW
Rent | 1,450 |
Food expenses | 745 |
Auto insurance | 390 |
Lunch | 260 |
Purchase cloths | 190 |
Telephone bill | 145 |
Loan payment | 240 |
Payment of electricity | 170 |
Donation | 320 |
Restaurant spending | 210 |
Total(Cash outflow) | 4,120 |