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Preparing a Personal Balance Sheet. Use the following items to prepare a balance sheet and a cash flow statement. Determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows.
Rent for the month, $650
Auto insurance, $230
Monthly take-home salary, $1,950
Household possessions, $3,400
Cash in checking account, $450
Stereo equipment, $2,350
Savings account balance, $1,890
Payment for electricity, $90
Spending for food, $345
Lunches/parking at work, $180
Balance of educational loan, $2,160
Donations, $70
Current value of automobile, $7,800
Home computer, $1,500
Telephone bill paid for month, $65
Value of stock investment, $860
Credit card balance, $235
Clothing purchase, $110
Loan payment, $80
Restaurant spending, $130
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