Problem 1. Creating Personal Financial Statements. Based on the procedures presented in the chapter, prepare your current personal balance sheet and a cash flow statement for the next month.
Problem 2. Calculating Balance Sheet Amounts. Based on the following data, compute the total assets, total liabilities, and net worth.
Liquid assets, $3,670
Investment assets, $8,340
Current liabilities, $2,670
Household assets, $89,890
Long-term liabilities, $76,230
Problem 3. 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
Home computer, $1,500
Value of stock investment, $860
Clothing purchase, $110
Restaurant spending, $130