Question

Use the list of items below to create a Balance Sheet and Cash Flow Statement. 2010 Camaro $ 8,500 Apartment Rent 350 Bicycle $ 1,400 Camaro Car Loan Balance $ 2,700 Checking account at Credit Union $ 230 Grandfathers Watch $ 2,500 Grocery $ 300 Monthly allowance from rich aunt $ 800 Part time Job Weekly Paycheck $ 250 Savings account at First National Bank $ 1,500 Student Loan Debt $ 10,500 Student Loan Funds Available $ 4,000 $ 400 Utilities and Water S 75 For Incient on how to identify required data and how to apply it use the video described above as well as the notes provided for TV

Answer 1

Assets Balance Sheet Current Liquid Assets Checking account at Credit Union Savings account at First National Bank Student loan funds available $2301 $1,500 $4,000 $5,730 Fixed Assets 2010 Camaro Bicycle Grandfathers watch TV Total assets Liabilities Short-term liabilities Student loan Debt $8,500 $1,400 $2,500 $400 $12,800 $18,530 $10,500 $10,500 a Long-term liabilities Camaro Car Loan Balance $2,700 $2,700 6 Total Liabilities $13,200 a+b $5,330 (Total Assets-Total Liabilities) Net Worth Cash Flow Statement Income (Cash Inflows) Monthly allowance from rich aunt $800 Part time Job weekly pay check $250 Total Income $1,050 Expenses (Cash Outflows) Fixed expenses Apartment rent Utilities and water $350 $75 Total Fixed outflows $425 a Variable expenses Grocery $300 Total variable outflows Total outflows $300 b $725 a+b Cash surplus or deficit $325 Surplus