Use the following items to prepare a balance sheet and a cash flow statement. Determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows. Balance Sheet and Cash Flows Rent for the month$1,240 Monthly take-home salary$3,420 Cash in checking account 700 Savings account balance 2,110 Spending for food 820 Balance of educational loan 2,930 Current value of automobile 8,590 Telephone bill paid for month 69 Credit card balance 236 Loan payment 177 Auto insurance 239 Household possessions 3,680 Stereo equipment 3,240 Payment for electricity 110 Lunches/parking at work 271 Donations 169 Home computer 1,870 Value of stock investment 1,750 Clothing purchase 148 Restaurant spending 177

Question

01-02-2021
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Use the following items to prepare a balance sheet and a cash flow statement. Determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows. Balance Sheet and Cash Flows Rent for the month$1,240 Monthly take-home salary$3,420 Cash in checking account 700 Savings account balance 2,110 Spending for food 820 Balance of educational loan 2,930 Current value of automobile 8,590 Telephone bill paid for month 69 Credit card balance 236 Loan payment 177 Auto insurance 239 Household possessions 3,680 Stereo equipment 3,240 Payment for electricity 110 Lunches/parking at work 271 Donations 169 Home computer 1,870 Value of stock investment 1,750 Clothing purchase 148 Restaurant spending 177

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anthougo anthougo · Answer 1 · 2021-02-06T02:54:10+01:00

Answer:

1. Balance Sheet:

Assets:

Cash in checking account $700

Savings account balance 2,110

Current value of automobile 8,590

Home computer 1,870

Value of stock investment 1,750

Household possessions 3,680

Stereo equipment 3,240 $21,940

Liabilities:

Balance of educational loan 2,930

Credit card balance 236 $3,166

Net Worth $18,774

2. Cash Flows:

Cash Inflows:

Monthly take-home salary $3,420

Outflows:

Rent for the month $1,240

Spending for food 820

Telephone bill paid for month 69

Auto insurance 239

Payment for electricity 110

Lunches/parking at work 271

Donations 169

Clothing purchase 148

Restaurant spending 177

Loan payment 177

Total cash outflows $3,420

Explanation: