Use the information below to prepare a balance sheet and a cash flow statement forMr. King. Calculate his net worth and cash surplus or deficit. (All expenses are on monthly basis).
Monthly take-home salary from full time job, $4,230
Value of house, $325,000
Value of furniture and house content,$115,000
Home maintenance and repairs, $120
Cash in chequing account, $750
Savings account balance, $4,300
Spending on grocery, $600
Restaurant spending, $150
Lunch & parking, $200
Mortgage outstanding, $185,000
Electronic gadgets $4,500
Average monthly phone bill, $85
Monthly payment on credit card, $150
Value of 2 cars $43,520
Car loans outstanding, $21,300
Monthly Home and Auto insurance, $380
Monthly payment on car loan, $225
Average monthly income from part-timejob, $ 440
Monthly Mortgage and property taxpayment, $ 2,400
Value of car, $28,000
Gas and car maintenance, $240
Credit card balance, $8,200
Average monthly Electricity bill, $375
Monthly charitable donation, $350
Clothing purchase (monthly), $150
Value of Stock investment, $140,000
Monthly Entertainment, $250
Miscellaneous expenses $200