- 1. Based on the following data, determine the amount of total assets, total liabilities, and net worth.
Liquid assets, $3,870 Investment assets, $8,340
Current liabilities, $2,670 Household assets, $87,890
Long-term liabilities, $76,230
a. Total assets $________________
b. Total liabilities $______________
c. Net worth $__________________
2. Using the following balance sheet items and amounts, calculate the total liquid assets and total current liabilities:
Money market account $2,600 Medical bills $262
Mortgage $158,000 Checking account $780
Retirement account $87,400 Credit card balance $489
a. Total liquid assets $___________________
b. Total current liabilities $_________________
3. Use the following items to determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows.
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
a. Total assets $___________________
b. Total liabilities $___________________
c. Net worth $___________________
d. Total cash outflows $___________________