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Prepare personal balance sheet for tom

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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

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