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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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