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In: Finance

Use the following items to determine the total assets, total liabilities, net worth, total cash inflows,...

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
b. Total liabilities
c. Net worth
d. Total cash inflows
e. Total cash outflows

Solutions

Expert Solution

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

jeff jeffy answered 8 months ago
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