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    Personal Financial Planning

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    1. Creating Personal Financial Statements. Based on the procedures presented in the chapter, prepare your current personal balance sheet and a cash flow statement for the next month. (Obj. 3)

    2. Calculating Balance Sheet Amounts. Based on the following data, compute the total assets, total liabilities, and net worth. (Obj. 3)
    Liquid assets, $3,670
    Investment assets, $8,340
    Current liabilities, $2,670
    Household assets, $89,890
    Long-term liabilities, $76,230

    3. 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. (Obj. 3)
    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

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    https://brainmass.com/business/business-plan/personal-financial-planning-159566

    Solution Preview

    1. Creating Personal Financial Statements. Based on the procedures presented in the chapter, prepare your current personal balance sheet and a cash flow statement for the next month. (Obj. 3)

    This would have to be done by you based on your situation. You can look at example 3 below and modify it for your situation

    2. Calculating Balance Sheet Amounts. Based on the following data, compute the total assets, total liabilities, and net worth. (Obj. 3)

    In making the balance we need to indenify the assets and liabilities and the difference between the two is the net ...

    Solution Summary

    The solution explains how to prepare a personal balance sheet and cash flow statement

    $2.19