1 answer

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

Question:

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

Use the following items to determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows. Rent for the month Spending for food Savings account balance Current value of automobile Credit card balance Auto insurance Video equipment Lunches/parking at work Personal computer Clothing purchase $ 700 Monthly take-home salary $ 370 Cash in checking account $ 1,900 Balance of educational loan $ 8,900 Telephone bill paid for month $ 240 Loan payment $ 240 Household possessions $ 2,375 Payment for electricity $ 185 Donations $ 1,250 Value of stock investment $ 115 Restaurant spending $ 2,235 $ 460 $ 2,220 $ 70 $ 90 $ 3,500 $ 95 $ 170 $ 885 $ 135 a. Total assets Total liabilities Net worth Total cash inflows Total cash outflows

Answers

Total assets = Cash in checking account + Savings account balance + Current value of automobile + Video equipment + Personal computer + Household possessions + Value of stock investment
Total assets = $460 + $1,900 + $8,900 + $2,375 + $1,250 + $3,500 + $885
Total assets = $19,270

Total liabilities = Credit card balance + Balance of educational loan
Total liabilities = $240 + $2,220
Total liabilities = $2,460

Net worth = Total assets - Total liabilities
Net worth = $19,270 - $2,460
Net worth = $16,810

Total cash inflows = Monthly take-home salary
Total cash inflows = $2,235

Total cash outflows = Rent for the month + Spending for food + Auto insurance + Lunches/parking at work + Clothing purchase + Telephone bill paid for month + Loan payment + Payment for electricity + Donations + Restaurant spending
Total cash outflows = $700 + $370 + $240 + $185 + $115 + $70 + $90 + $95 + $170 + $135
Total cash outflows = $2,170

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