I need help with Questions #3 and #4, please.Thank you 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, $650Monthly take-home salary, $1,950Cash in checking account, $450Savings account balance, $1,890Spending for food, $345Balance of educational loan, $2,160Current value of automobile, $7,800Auto insurance, $230Household possessions, $3,400Stereo equipment, $2,350Payment for electricity, $90Lunches/parking at work, $180Donations, $70Home computer, $1,500Value of stock investment, $860Telephone bill paid for month, $65Credit card balance, $235Clothing purchase, $110Restaurant spending, $130Loan payment, $80 14com/r/s/0/doc/617387/sp/527GitHubISACA My ISACAG GrammarlySEJ 22 Useful & Quick...9Login to Bootcamp...LU Connect Log inL Google Drive Acco...4. Computing Balance Sheet Amounts. For each of the following situations, compute the missing amount.LO3-2a. Assets $48,000; liabilities $12,800; net worth $; net worth $13,700.b. Assets $78,780; liabilities $c. Assets $44,280; liabilities $12,265; net worth $.d. Assets $liabilities $38,374; net worth $53,795.5. Calculating Financial Ratios. The Fram family has liabilities of $128,000 and assets of $340,000. What is their debt ratio?How would you assess this?LO3-26. Determining Financial Progress. Carl Lester has liquid assets of $2,680 and current liabilities of $2,436. What is his currentratio? What comments do you have about this financial position?LO3-27. Determining Budget Variances. Fran Bowen created the following budget:LO3-3Clothing, $100Personal expenses and recreation, $275Food, $350Transportation, $320Housing, $950She actually spent $298 for food, $337 for transportation, $982 for housing, $134 for clothing, and $231 forexpenses and recreation. Calculate the variance for each of these categories, and indicate whether it was a deficit or asurplus.personal8. Calculating the Effect of Inflation. Bill and Sally Kaplan have an annual spending plan that amounts to $39,500. If inflationis 3 percent a year for the next three years, what amount will the Kaplans need for their living expenses three years fromLO3-3now?9. Computing the Time Value of Money for Savings. Use future value and present value calculations (see Chapter 1 Appendix)to determine the following:LO3-4a. The future value of a $400 savings deposit after eight years at an annual interest rate of 3 percent.b. The future value of saving $1,800 a year for five years at an annual interest rate of 4 percent.c. The present value of a $6,000 savings account that will earn 3 percent interest for four years.LO3-4 10. Calculating Present Value of a Savings Fund. Hal Thomas wants to establish a savings fund from which a community orga-nization could draw $1,000 a year for 20 years. If the account earns 2 percent, what amount would he have to deposit now to

For Part (3) Cash in Checking account = $450 Saving account balance = $1,890 Current value of…

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 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 Telephone bill paid for month, $65 Credit card balance, $235 Clothing purchase, $110 Restaurant spending, $130 Loan payment, $80

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 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 Telephone bill paid for month, $65 Credit card balance, $235 Clothing purchase, $110 Restaurant spending, $130 Loan payment, $80

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 14PA: Prepare journal entries to record the following transactions. Create a T-account for Cash, post any...

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