Faith Brooks, a 28-year-old college graduate, never took a personal finance class. She pays her bills on time, has managed to save a little in a mutual fund, and (with the help of an inheritance) managed a down payment on a condominium. But Faith worries about her financial situation. Given the following information, prepare her personal balance sheet (Worksheet 4) and income statement (Worksheet 5). Using information from these statements, calculate the current ratio, savings ratio, monthly living expenses covered ratio, debt ratio, and long-term debt coverage ratio. Interpret these financial statements and ratios for Faith. Based on your assessment, what advice would you give Faith? In addition to the following list, Faith offers these explanations: - All short-term and long-term liabilities are unpaid. - "Other expenses, monthly" represents cash spent without a record. - She charges all incidentals on her credit cards and pays the balances off monthly. The balances shown here represent her average monthly balances. (Select from the drop-down menu and round to the nearest dollar.) Data table \begin{tabular}{lr} Quarterly auto insurance (not due) & $441 \\ Inherited coin collection & $3,270 \\ Condominium & $65,300 \\ Food, monthly & $226 \\ Auto & $8,900 \\ Furnishings & $5,200 \\ Mortgage outstanding & $50,000 \\ Auto loan outstanding & $4,222 \\ Other personal property & $7,800 \\ Other expenses, monthly & $149 \\ \hline \end{tabular} Faith Brooks, a 28-year-old college graduate, never took a personal finance class. She pays her bills on time, has managed to save a little in a mutual fund, and (with the help of an inheritance) managed a down payment on a condominium. But Faith worries about her financial situation. Given the following information, prepare her personal balance sheet (Worksheet 4) and income statement (Worksheet 5). Using information from these statements, calculate the current ratio, savings ratio, monthly living expenses covered ratio, debt ratio, and long-term debt coverage ratio. Interpret these financial statements and ratios for Faith. Based on your assessment, what advice would you give Faith? In addition to the following list, Faith offers these explanations: - All short-term and long-term liabilities are unpaid. - "Other expenses, monthly" represents cash spent without a record. - She charges all incidentals on her credit cards and pays the balances off monthly. The balances shown here represent her average monthly balances. (Select from the drop-down menu and round to the nearest dollar.) Data table \begin{tabular}{lr} Quarterly auto insurance (not due) & $441 \\ Inherited coin collection & $3,270 \\ Condominium & $65,300 \\ Food, monthly & $226 \\ Auto & $8,900 \\ Furnishings & $5,200 \\ Mortgage outstanding & $50,000 \\ Auto loan outstanding & $4,222 \\ Other personal property & $7,800 \\ Other expenses, monthly & $149 \\ \hline \end{tabular}