2024 – Answer the following questions Calculating Balance Sheet Amounts Based on the following data compute the total assets

 Answer the following questions:

1. Calculating Balance Sheet Amounts. Based on the following data, compute the total assets, total liabilities, and net worth.
   Liquid assets $4,670                                                                  Household assets $93,780
   Investment assets 26,910                                                          Long-term liabilities 76,230
   Current liabilities 2,670

    

2. 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
   Monthly take-home salary, $1,950
   Cash in checking account, $450
   Savings account balance, $1,890
   Spending for food, $345
   Balance of educational loan, $2,160
   Current value of automobile, $7,800
   Telephone bill paid for month, $65
   Credit card balance, $235
   Loan payment, $80
   Auto insurance, $230
   Household possessions, $3,400
   Stereo equipment, $2,350
   Payment for electricity, $90
   Lunches/parking at work, $180
   Donations, $70
   Home computer, $1,500
   Value of stock investment, $860
   Clothing purchase, $110
   Restaurant spending, $130
    
3. Calculating Financial Ratios. The Fram family has liabilities of  $128,000 and a net worth of $340,000. What is their debt ratio? How  would you assess this?

    

4. Determining Budget Variances. Fran Bowen created the following budget:
   Food, $350
   Clothing, $100
   Transportation, $320
   Personal expenses and recreation, $275
   Housing, $950

   She  actually spent $298 for food, $337 for transportation, $982 for  housing, $134 for clothing, and $231 for personal expenses and  recreation. Calculate the variance for each of these categories, and  indicate whether it was a deficit or surplus.
    

5. Future Value of Savings. Kara George received a $4,000 gift for  graduation from her uncle. If she deposits the entire amount in an  account paying 3 percent, what will be the value of this gift in 15  years?