User Account

All Pages

Prepare personal balance sheet for tom

Assignment Help Accounting Basics
Reference no: EM132473117

Problem - The following table shows the items of assets, liabilities, cash inflows, and cash outflows for Tom in September.

Rent $6500

Monthly take-home salary $21850

Spending for food $3450

Cash in checking account $4500

Savings account balance $1890

Balance of education loan $21600

Current value of auto $88000

Phone bill paid for month $650

Credit card balance $2350

Loan payment $800

Auto insurance premium $2300

Household possessions $34000

Current value of video equipment $23500

Payment for electricity $900

Spending on Lunches/Parking at work $1800

Donations $1600

Current value of personal computer $12000

Value of stock investment $8600

Cloth purchase $1100

Restaurant spending $1300

Required -

1. Prepare Personal Balance Sheet for Tom.

2. Prepare Cash Flow Statement for Tom.

3. How will you evaluate his current financial situation?

Reference no: EM132473117

Questions Cloud

Problem - Periodic versus Perpetual Entries : Problem - Periodic versus Perpetual Entries. Compute gross profit using the periodic system. Compute gross profit using the perpetual system
Inflation rate are measured in percentage points : "If the equilibrium real interest rate (r) is fixed at 4% and expected inflation is 2%, then the real money balance is 800." True/False/Uncertain, explain.
Compare the budgeted measures with the actual results : Compare the budgeted measures with the actual results. Decide which results should be brought to the attention of each manager.
Elasticity of demand at the price : What is likely to be the point elasticity of demand at the price you decide to charge?
Prepare personal balance sheet for tom : The following table shows the items of assets, liabilities, cash inflows, and cash outflows for Tom in September. Prepare Personal Balance Sheet for Tom
Describe the data requirement for a given business process : Determine the business rules to describe the data requirement for a given business process and Draw the conceptual model (ERD) for the proposed database
What are the types of costs : As the accounting department lead, what are the types of costs you should consider in working with the production supervisor to evaluate the problem?
Derive the function that describes the demand : Derive the function that describes the demand for X as a function of the prices of X and Y and of income (budget) B.
What was three-variance breakdown : The total factory overhead spending variance in 2016, based on a three-variance breakdown of the total overhead variance for Bluecap Co., was what

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine the standard direct materials cost per bar

Bavarian Chocolate Company produces chocolate bars. Determine the standard direct materials cost per bar of chocolate

  Compute the amount of the credit using the information

Compute the amount of the credit using the information presented in 206.06.

  What three ratios would you list as most important

What three ratios would you list as the most important? Why? Which ratios would external users be most interested in? Why? Which ratios would best help internal users manage the business?

  What were his gross earnings for the week

If Lucas earns overtime wages that are 1.5 times greater than his regular wages, what were his gross earnings for the week

  Compute the total materials variance and the price

During June, 28,000 units of direct materials are purchased at a cost of $4.70 per unit, Compute the total materials variance and price and quantity variance

  Assume that you are the managerial accountant at data store

assume that you are the managerial accountant at data store a manufacturer of hard drives cds and diskettes. its

  Prepare a cash receipts schedule for the first quarter

Prepare a cash receipts schedule for the first quarter of 2015. Determine the amount of accounts receivable as of March 31, 2015.

  Discussing the format of the statement of cash flows

Helen Powell and Paul Tang were discussing the format of the statement of cash flows of Baumgarten Co. At the bottom of Baumgarten's statement of cash flows.

  Preparing the incremental analysis for decision

Prepare the incremental analysis for the decision to make or buy the lamp shades.

  Steven corporation has been authorized to issue shares

The preferred stock was issued for land having a fair market value of $296,000.All common stock issued was for cash. In November, 1,500 shares of common stock were purchased for the treasury at a per share cost of $22.

  Compute the basic earnigs and diluted earning per share

Assume that the following data relate to Rosen, Inc. for the year 2013: Compute (a) basic earnigs per share, and (b) diluted earning per share

  Prepare a three-column comparative income statement

A new retail store has offered to buy 8,300 of its skateboards for $59 per unit. The store is in a different market from Calla's regular customers and it would not affect regular sales. A study of its costs in anticipation of this additional busin..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd