Answer:
Determining the total assets, total liabilities, net worth, total cash inflows, and total cash outflows:
1. Total assets
Cash in checking account $ 450
Savings account balance $ 1,890
Current value of automobile $8,800
Household possessions 3,400
Video equipment $ 2,350
Personal computer $ 1,200
Value of stock investment 860
Total assets $18,950
2. Total liabilities
Rent for the month $ 650
Balance of educational loan 2,160
Credit card balance $ 235
Total liabilities $3,045
3. Net worth
Total assets $18,950
Total liabilities ($3,045)
Net worth $15,905
4. Total cash inflows
Monthly take-home salary $ 2,185
5. Total cash outflows
Spending for food $ 345
Telephone bill paid for month 65
Loan payment 80
Auto insurance $ 230
Payment for electricity 90
Lunches/parking at work $ 180
Donations 160
Clothing purchase $ 110
Restaurant spending 130
Total cash outflows $1,390
Explanation:
a) Data and Calculations:
Rent for the month $ 650
Monthly take-home salary$ 2,185
Spending for food $ 345
Cash in checking account$ 450
Savings account balance $ 1,890
Balance of educational loan 2,160
Current value of automobile $8,800
Telephone bill paid for month 65
Credit card balance $ 235
Loan payment 80
Auto insurance $ 230
Household possessions 3,400
Video equipment $ 2,350
Payment for electricity 90
Lunches/parking at work $ 180
Donations 160
Personal computer $ 1,200
Value of stock investment 860
Clothing purchase $ 110
Restaurant spending 130
