Activity 2.4.docx

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

• 5
• 100% (3) 3 out of 3 people found this document helpful

This preview shows pages 1–2. Sign up to view the full content.

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

This preview has intentionally blurred sections. Sign up to view the full version.

This is the end of the preview. Sign up to access the rest of the document.
• Summer '13
• N/A
• net worth, total assets, total liabilities

{[ snackBarMessage ]}

### What students are saying

• As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

Kiran Temple University Fox School of Business ‘17, Course Hero Intern

• I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

Dana University of Pennsylvania ‘17, Course Hero Intern

• The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

Jill Tulane University ‘16, Course Hero Intern