FIN 420 - Week 2 - Individual Assignment - Personal Finance Worksheets

FIN 420 - Week 2 - Individual Assignment - Personal Finance Worksheets

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Balance sheet as of 10/Dec/11 Assets Liquid assets Checking account balance $2,500 Savings/money market accounts, funds $10,000 Cash value of life insurance $30,000 Other: Petty cash at home $200 Total liquid assets $42,700 Current market value of home $200,000 Market value of automobiles $20,000 Furniture $5,000 Stereo, video, camera equipment $2,000 Jewelry $500 Other: Inherited items $30,000 Other: Total household assets $257,500 Investment assets Savings certificates $0 Stocks and bonds $1,000 Individual retirement accounts $0 Mutual funds $1,500 Other: Antique painting $1,500 Total investment assets $4,000 Total Assets $304,200 Liabilities Current liabilities Charge account and credit card balances $3,500 Loan balances $10,000 Other: Balance owed to plumber $0 Other: Money owed to friend $0 Total current liabilities $13,500 Long-term liabilities Mortgage $155,000 Other $0 Total long-term liabilities $155,000 Total liabilities
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Unformatted text preview: $168,500 Net Worth (assets minus liabilities) $135,700 For the month ending 1/Nov/11 Cash inflows Salary (take-home) $5,000 Other income: Freelance consulting $2,000 Other income: Cooking lessons $500 Total Income $7,500 Cash Outflows Fixed expenses Mortgage or rent $1,350 Loan payments $400 Insurance $100 Other: Magazine subscriptions $0 Other: $0 Total fixed outflows $1,850 Variable expenses Food $650 Clothing $100 Electricity $350 Telephone $250 Water $75 Transportation $1,000 Personal care $450 Medical expenses $225 Recreation/entertainment $500 Gifts $50 Donations $20 Other: Visiting family $300 Other: $0 Total variable outflows $3,970 Total Outflows $5,820 Surplus/Deficit $1,680 Allocation of surplus Emergency fund savings $400 Financial goals savings $1,800 Other savings: Annual holiday savings-$520...
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This note was uploaded on 02/26/2012 for the course FIN 102 taught by Professor Franks during the Spring '12 term at University of Phoenix.

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FIN 420 - Week 2 - Individual Assignment - Personal Finance Worksheets

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