Answer the following questions: 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 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 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? 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. 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?
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