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    lovepreetsinghsidhu11731
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    The document contains working notes calculating a person's total assets ($18,250), total liabilities ($2,395), and net worth ($15,855). It also shows the person's total monthly cash inflow ($1,950) from salary matches their total monthly cash outflow ($1,950) which is spent on expenses like rent, food, bills and other items.

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    The document contains working notes calculating a person's total assets ($18,250), total liabilities ($2,395), and net worth ($15,855). It also shows the person's total monthly cash inflow ($1,950) from salary matches their total monthly cash outflow ($1,950) which is spent on expenses like rent, food, bills and other items.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    10 views2 pages

    Untitled Document

    Uploaded by

    lovepreetsinghsidhu11731
    The document contains working notes calculating a person's total assets ($18,250), total liabilities ($2,395), and net worth ($15,855). It also shows the person's total monthly cash inflow ($1,950) from salary matches their total monthly cash outflow ($1,950) which is spent on expenses like rent, food, bills and other items.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    ● Working Notes -

    ● Table showing Total assets


    Assets Amount

    Cash in chequing Account $450


    Add - saving account balance $1890
    Add- current value of auto mobiles $7800
    Add - house hold possessions $3400
    Add - stereo equipment $2350
    Add - home computer $1500
    Add - value of stock investment $860

    Total assets $18250

    ● Table total liabilities

    Liabilities Amount

    Educational loan balance $2160


    Add - credit card balance $235

    Total liabilities $2395

    ● Calculation of Net worth


    Total Net worth = Total assets - Total liabilities
    Net worth= $18250 - $2395
    Net worth = $15855

    ● Table showing total cash inflow

    Cash inflow Amount

    Add - Monthly take home salary $1950

    Total cash in flow $1950

    ● Table showing Total cash outflow

    Cash outflow Amount

    Rent for the month $650


    Add - spending for food $345
    Add - Telephone bill $65
    Add - Auto insurance $230
    Add - Loan payment $80
    Add - Electricity bill payment $90
    Add - parking / lunches at work $180
    Add - donations $70
    Add - clothing purchase $110
    Add - Restaurant spending $130

    Total cash outflow $1950

    Answer from working notes -


    Total assets (TA) $18250

    Total liabilities (TL) $2395

    Total net worth $15855

    Total cash inflow $1950

    Total cash outflow $1950

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