Complete the following:
Q1. Based on the data, determine the amount of 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 $76,230
a. Total assets$___________
b. Total liabilities $________________
c. Net worth $_________________
Q2. Using the following balance sheet items and amounts, calculate the total liquid assets and total current liabilities:
Money market account $2,600 Medical bills $232
Mortgage $158,000 checking account $780
Retirement account $86,700 credit card balance $489
a. Total liquid assets $_____________
b. Total current liabilities $_______________
Q3. Use the following items to 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
Spending for food $345 cash in checking account $450
Savings account balance $1,890 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
a. Total assets $____________
b. Total liabilities $_____________
c. Net Worth $________________
d. Total cash inflows $______________
e. Total cash outflows $_____________
Q4. for each of the following situations, compute the missing amount
a. assets $45,000; liabilities $16,000; net worth $___________
b. assets $76,500; liabilities $___________; net worth $18,700
c. assets $34,280; liabilities $12,965; net worth $_______________
d. assets $__________; liabilities $38,345; net worth $52,654
Q5. For the following situations, calculate the cash surplus or deficit
Cash inflows cash outflows difference (surplus or deficit)
$3,400 $3,218 $__________ ___________
4,756 4,833 $__________ ___________
4,287 4,218 $__________ ___________
Q6. Fran Powers created the following budget and reported the actual spending listed. Calculate the variance for each of these categories and indicate whether it was a deficit or a surplus.
Item budgeted actual variance deficit/surplus
Food $350 $298 _______ ___________
Transportation 320 337 _______ ___________
Housing 950 982 _______ ___________
Clothing 100 134 _______ ___________
Personal 275 231 _______ ___________