Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Based on the following data, determine the amount of total assets, total liabilities, and net worth. Liquid assets Current liabilities Long-term liabilities $ 4,820 $

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Based on the following data, determine the amount of total assets, total liabilities, and net worth. Liquid assets Current liabilities Long-term liabilities $ 4,820 $ 2,620 $ 85,730 Investment assets Household assets 9,290 $ 97,390 a. Total assets b. Total liabilities C. Net worth Using the following balance sheet items and amounts, calculate the total liquid assets and total current liabilities: Money market account Mortgage Retirement account $ 2,900 Medical bills $ 164,000 Checking account $ 89,800 Credit card balance $ 310 $ 840 $ 549 Total liquid assets b. Total current liabilities Use the following items to determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows. 270 Rent for the month Spending for food Savings account balance Current value of automobile Credit card balance Auto insurance Video equipment Lunches/parking at work Personal computer clothing purchase $ 1,600 Monthly take-home salary $ 820 Cash in checking account $ 2,080 Balance of educational loan $ 9,350 Telephone bill paid for month $ 330 Loan payment $ 420 Household possessions $ 2,825 Payment for electricity $ 275 Donations $ 2,150 Value of stock investment $ 205 Restaurant spending $ 3,135 $ 640 $ 3,300 $ 160 $ $ 5,300 $ 185 $ 350 $ 1,335 $ 225 es a Total assets b. Total liabilities C Net worth d Total cash inflows e Total cash outflows For each of the following situations, compute the missing amount. a. Assets $ - Liabilities $ 17,500 = Net worth b. Assets $ 65,500 87,000 34,480 Liabilities = Net worth $ 19,500 C. Assets $ $ 13.0151 = Net worth Liabilities Liabilities d. Assets - $ 38,645 = Net worth $ 53, 154

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Ledger Book

Authors: Alpha Planners Publishing

1st Edition

B09VWKPJSG, 979-8432472564

More Books

Students also viewed these Finance questions

Question

How often will the 360 feedback process be repeated?

Answered: 1 week ago