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Calculate the current ratio based on the information below (show all work for credit) Assets Liabilities Cash $ 500 I. Current Bills (unpaid balance) $
Calculate the current ratio based on the information below (show all work for credit)
Assets | Liabilities | |||||
Cash | $ 500 | I. | Current Bills (unpaid balance) | $ 350 | ||
Checking | $ 1,200 | Visa | $ 8,000 | |||
Savings/CDs | $ - | Master Card | ||||
Money Market Funds | $ 500 | Other Credit Cards | ||||
Other Monetary Assets | $ 90 | J. | Credit Card Debt | $ 8,000 | ||
A. | Monetary Assets | $ 2,290 | First Mortgage | $ 105,000 | ||
Mutual Funds | $ 5,600 | 2nd Home Mortgage | $ 100,000 | |||
Stocks | $ - | Home Equity Loan | $ 9,000 | |||
Bonds | Other Housing Debt | |||||
Life Insurance (cash-value) | K. | Housing | $ 214,000 | |||
Cash Value of Annuities | Automobile 1 | $ 3,000 | ||||
Investment Real Estate (REITs, partnerships) | Automobile 2 | |||||
Other investments | Other Automobile Loans | |||||
B. | Investments | $ 5,600 | L. | Automobile Loans | $ 3,000 | |
401(k) and 403(b) | $ 2,500 | College Loans | $ 4,000 | |||
Company Pension | $ - | Loans on Life Insurance Policies | ||||
Keogh | Bank Loans | |||||
IRA | $ 8,000 | Installment Loans | $ 1,000 | |||
Other Retirement Plans | Other | |||||
C. | Retirement Plans | $ 10,500 | M. | Other Debts | $ 5,000 | |
Primary Residence | $ 170,000 | |||||
2nd Home | $ - | N. | Total Debt (add lines I through M) | $ 230,350 | ||
Time-Shares/Condominiums | ||||||
Other Housing | Net Worth | |||||
D. | Housing (market value) | $ 170,000 | H. | Total Assets | $ 207,390 | |
Automobile 1 | $ 8,000 | N. | Less: Total Debt | $ 230,350 | ||
Automobile 2 | $ - | O. | Equals: Net Worth | $ (22,960) | ||
Other Automobiles | ||||||
E. | Automobiles | $ 8,000 | ||||
Collectibles | ||||||
Boats | ||||||
Furniture | $ 11,000 | |||||
Other Personal Property | ||||||
F. | Personal Property | $ 11,000 | ||||
Money Owed You | ||||||
Market Value of Your Business | ||||||
Other | ||||||
G. | Other Assets | $ - | ||||
H. | Total Assets (add lines A through G) | $ 207,390 | ||||
Income | ||||||
Wages and salaries | ||||||
Wage Earner 1 | $ 57,500 | |||||
Wage Earner 2 | $ - | |||||
Total Wages and salaries | $ 57,500 | |||||
+ Interest and Dividends | $ 720 | |||||
+ Royalties, Commissions and Rents | ||||||
+ Other Income |
A. Total Income | $ 58,220 |
Taxes | ||||||
Federal Income and Social Security | $ 11,830 | |||||
+ State Income | $ 1,880 |
B. Total Income Taxes | $ 13,710 |
C. After-Tax Income Available for Living Expenditures | $ 44,510 | ||||
or Take-Home Pay (line A minus line B) |
Living Expenses | ||||||
Housing | ||||||
Rent | ||||||
+ Mortgage Payments | $ 19,656 | |||||
+ Utilities Maintenance, Taxes, Furniture, Other | $ 10,820 |
D. Total Housing Expenditures | $ 30,476 |
Food | ||||||
Food and Supplies | $ 5,800 | |||||
+ Restaurant Expenses | $ 1,400 |
E. Total Food Expenditures | $ 7,200 |
Clothing and Personal Care |
F. Total Clothing and Personal Care Expenditures | $ 2,590 |
Transportation | ||||||
Automobile Purchase | ||||||
+ Payments | $ 2,588 | |||||
+ Gas, Tolls, Parking, Other | $ 1,550 |
G. Total Transportation Expenditures | $ 4,138 |
Recreation | ||||||
+ Vacations | $ 2,000 | |||||
+ Other Recreation Expenses | $ 1,700 |
H. Total Recreation Expenditures | $ 3,700 |
Medical Expenditures |
I. Total Medical Expenditures | $ 410 |
Insurance Expenditures | ||||||
Health | ||||||
+ Life | $ 420 | |||||
+ Automobile | $ 1,260 | |||||
+ Disability | $ 260 |
J. Total Insurance Expenditures | $ 1,940 |
Other Expenditures | ||||||
Educational Expenditures (college loan payment) | $ 1,600 | |||||
+ Child Care | $ 180 | |||||
+ Other Expenses |
K. Total Other Expenditures | $ 1,780 |
L. Total Living Expenditures (add lines D-K) | $ 52,234 | ||||
M. Income Available for Savings and Investment | $ (7,724) |
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