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.
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Rent for the month, $650
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Auto insurance, $230
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Monthly take-home salary, $1,950
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Household possessions, $3,400
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Cash in checking account, $450
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Stereo equipment, $2,350
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Savings account balance, $1,890
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Payment for electricity, $90
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Spending for food, $345
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Lunches/parking at work, $180
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Balance of educational loan, $2,160
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Donations, $70
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Current value of automobile, $7,800
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Home computer, $1,500
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Telephone bill paid for month, $65
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Value of stock investment, $860
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Credit card balance, $235
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Clothing purchase, $110
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Loan payment, $80
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Restaurant spending, $130
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