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 Auto insurance, $230 Household possessions, $3,400 Stereo equipment, $2,350 Payment for electricity, $90 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 Lunches/parking at work, $180 Donations, $70 Home computer, $1,500 Value of stock investment, $860 Clothing purchase, $110 Restaurant spending, $130 LO3-2