Use the following items to determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows. Rent for the month, $650 Monthly take-home salary, $2,185Spending for food, $345 Cash in checking account, $450Savings account balance, $1,890 Balance of educational loan, $2,160Current value of automobile, $8,800 Telephone bill paid for month, $65Credit card balance, $235 Loan payment, $80Auto insurance, $230 Household possessions, $3,400Video equipment, $2,350 Payment for electricity, $90Lunches/parking at work, $180 Donations, $160Personal compute

Assets

Monthly take-home salary $2,185

Cash in checking account $450

Savings account balance $1,890

Current value of automobile $8,800

Household possessions $3,400

Video equipment $2,350

Total Assets: $19,075

Liabilities

Rent for the month $650

Spending for food $345

Balance of educational loan $2,160

Telephone bill paid for month $65

Credit card balance $235

Loan payment $80

Auto insurance $230

Payment for electricity $90

90Lunches/parking at work $180

Donations $160

Total Liabilities: $4,195

Net Worth = total assets - total liabilities

Net Worth = $19,075 - $4,195

Net Worth = $14,880

Cash inflows

Monthly take-home salary $2,185

Total cash inflows: $2,185

Cash outflows

Rent for the month $650

Spending for food $345

Telephone bill paid for month $65

Loan payment $80

Auto insurance $230

Payment for electricity $90

90Lunches/parking at work $180

Donations $160

Total cash outflows: $1,800

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