Reference no: EM133098632

Question 1 - Consider the following information of Angus Young.

Cash $14,000

Furniture $2,000

Automobile $20,300

House $69,100

Credit Card $6,700

Bank Loan $9,200

Mortgage $24,500

Required -

a) Calculate Angus Young's total assets.

b) Calculate Angus Young's total liabilities.

c) Calculate Angus Young's net worth.

Question 2 - The following information was taken from the personal records of Juliet Lahm on October 31, 2018.

Opening Balances

Cash $3,700

Computer $1,100

House $218,500

Mortgage $92,600

Net Worth $130,700

Transactions for the month of November 2018.

1) Earned monthly salary of $4,900.

2) Paid $990 cash for travel expenses.

3) Purchased an automobile worth $8,810 on account.

4) Paid $790 cash for cellphone expenses.

5) Paid $500 cash for gas.

Do not enter dollar signs or commas in the input boxes.

The T-Account fields are labeled by transaction number. Record each transaction by entering the value into the corresponding T-Account field.

Required -

a) Complete the Cash T-Account to determine the ending balance of cash.

b) Complete the personal income statement to determine the surplus or deficit for the period.

c) What is Juliet Lahm's net worth on November 30?

Question 3 - Calculate the missing amounts in the following table.

	Scenario 1	Scenario 2
Total Assets	$128,900
Total Liabilities		$38,200
Net Worth	$97,800	$110,200