Activity 2.4.docx - 1 Calculating Balance Sheet Amounts...

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1. Calculating Balance Sheet Amounts. Based on the following data, compute the total assets, total liabilities, and net worth. Liquid assets $4,670 Household assets $93,780 Investment assets 26,910 Long-term liabilities 76,230 Current liabilities 2,670 Liquid assets $4,670.00 Current liabilities $2,670 Household assets $93,780.00 Long-term liabilities + $76,230 Investment assets + $26,910.00 Total Liabilities $78,900 Total Assets $125,360.00 Total Assets $125,360.00 Total Liabilities - $78,900.00 Net Worth $46,460.00 2. Preparing a personal Balance Sheet. 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. Rent for the month, $650 Monthly take-home salary, $1,950 Cash in checking account, $450 Savings account balance, $1,890 Spending for food, $345 Balance of educational loan, $2,160 Current value of automobile, $7,800 Telephone bill paid for month, $65 Credit card balance, $235 Loan payment, $80 Auto insurance, $230 Household possessions, $3,400 Stereo equipment, $2,350 Payment for electricity, $90 Lunches/parking at work, $180 Donations, $70
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  • Summer '13
  • N/A
  • net worth, total assets, total liabilities

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