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Use the following items to prepare a balance sheet and a cash flow statement. Determine the...

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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Answer #1

1. Total assets = Cash in checking account + savings account balance + current value of automobile + household possessions + stereo equipment + home computer + value of stock investment

Total assets = 1310 + 1970 + 8030 + 3990 + 2450 + 1800 + 1210

Total assets = $20760

2. Total Liabilities = Balance of educational loan + credit card balance

Total Liabilities = 2830 + 299

Total Liabilities = $3129

3. Net Worth = Total assets - total liabilities

Net Worth = $20760 - 3129

Net Worth = $17631

4. Total cash inflow = Salary = $3730

5. Total cash outflow = Rent + Food + Telephone bill + loan payment + auto insurance + electricity + lunches + donations + clothing + restaurant spending

Total cash outflow = 1070 + 1250 + 128 + 146 + 270 + 158 + 245 + 169 + 140 + 154

Total cash outflow = $3730

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