Use the information below to prepare a balance sheet and a cash flow statement for Mr. King. Calculate his net worth and cash surplus or deficit. (All expenses are on monthly basis).

Monthly take-home salary from full time job, $4,230

Value of house, $325,000

Value of furniture and house content,$115,000

Home maintenance and repairs, $120

Cash in chequing account, $750

Savings account balance, $4,300

Spending on grocery, $600

Restaurant spending, $150

Lunch & parking, $200

Mortgage outstanding, $185,000

Electronic gadgets $4,500

Average monthly phone bill, $85

Monthly payment on credit card, $150

Value of 2 cars $43,520

Car loans outstanding, $21,300

Monthly Home and Auto insurance, $380

Monthly payment on car loan, $225

Average monthly income from part-timejob, $ 440

Monthly Mortgage and property taxpayment, $ 2,400

Value of car, $28,000

Gas and car maintenance, $240

Credit card balance, $8,200

Average monthly Electricity bill, $375

Monthly charitable donation, $350

Clothing purchase (monthly), $150

Value of Stock investment, $140,000

Monthly Entertainment, $250

Miscellaneous expenses $200