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Practice Exercise Using the information given below, please attempt the questions 1 . Using the data below prepare a balance sheet and cash flow statement.

Practice Exercise
Using the information given below, please attempt the questions
1. Using the data below prepare a balance sheet and cash flow statement. Determine the total asset, total liabilities, net worth, total cash inflow, and total outflow
i. Rent for the month=$650
ii. Monthly take home pay=$1950
iii. Cash in chequing account= $450
iv. Savings account balance=$1890
v. Spending for food=$345
vi. Balance of educational loan=$2160
vii. Current value of automobile=$7800
viii. Telephone bill monthly=$65
ix. Credit card balance=$235
x. Loan payment=$80
xi. Auto insurance=$230
xii. Household possessions=$3400
xiii. Stereo equipment=$2350
xiv. Electricity payment= $90
xv. Lunches and parking at work=$180
xvi. Donations=$70
xvii. Home computer=$1500
xviii. Value of stock investment=$860
xix. Clothing purchase=$110
xx. Restaurant spending=$130
2. Bill and sally Kaplan have an annual spending plan that amounts to $36000. If the inflation is 3.1% for the next 3 years, how much do the Kaplans want for their living expenses 3 years from now?
3. Using the formula in the not posted, compute the time value of money for saving.
i. The future value of a $500 savings deposit after 8 years at an annual interest rate of 5%
ii. The future value of saving $2000 a year for 5 years at an annual interest rate of 4.45
iii. The present value needed in a saving account that will earn 3.5% annual interest rate if $5000 is needed at the end of 5 years.

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