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HOMEWORK 2

HOMEWORK 2.

 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?

HOMEWORK 2

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