Question
Use the following items to prepare a balance sheet and a cash flow statement. Determine the total assets, total liabilities, net worth, total cash inflows,
Use the following items to prepare a balance sheet and a cash flow statement. Determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows.
| Balance Sheet and Cash Flows | |||||||
| Rent for the month | $ | 1,070 | Monthly take-home salary | $ | 3,730 | ||
| Cash in checking account | 1,310 | Savings account balance | 1,970 | ||||
| Spending for food | 1,250 | Balance of educational loan | 2,830 | ||||
| Current value of automobile | 8,030 | Telephone bill paid for month | 128 | ||||
| Credit card balance | 299 | Loan payment | 146 | ||||
| Auto insurance | 270 | Household possessions | 3,990 | ||||
| Stereo equipment | 2,450 | Payment for electricity | 158 | ||||
| Lunches/parking at work | 245 | Donations | 169 | ||||
| Home computer | 1,800 | Value of stock investment | 1,210 | ||||
| Clothing purchase | 140 | Restaurant spending | 154 | ||||
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Cornerstones of Financial and Managerial Accounting
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
2nd edition
978-1111879044
