.mheducation.com/connect/hmStudentSectionHomePortal.do?sectionId=32937068″ title=”Personal Finance: Fall 2014″>Personal Finance: Fall 2014
Assignment:Chapter
2 Graded Homework
1.
Based on the following data,
determine the amount of total assets, total liabilities, and net worth.
Liquid assets
$
3,970
Investment assets
$
8,440
Current liabilities
$
2,570
Household assets
$
88,890
Long-term liabilities
$
77,230
a.
Total assets
$
b.
Total liabilities
$
c.
Net worth
$
2.
Based on this financial data,
calculate the ratios requested:(Round
your answers to 4 decimal places.)
Liabilities
$
10,600
Net worth
$
68,500
Liquid assets
$
9,000
Current
liabilities
$
1,700
Monthly credit
payments
$
800
Take-home
pay
$
2,625
Monthly savings
$
250
Gross
income
$
3,475
a.
Debt ratio
b.
Current ratio
c.
Debt-payments ratio
d.
Savings ratio
3.
award:
For the following situations,
calculate the cash surplus or deficit:(Input
all amounts as positive values.)
Cash
Inflows
Cash
Outflows
Difference
Surplus/Deficit
$
3,615
$
3,293
$
$
4,869
$
4,948
$
$
4,451
$
4,318
$
4.
award:
Fran Powers created the following
budget and reported the actual spending listed. Calculate the variance for
each of these categories, and indicate whether it was adeficitor asurplus.(Input all amounts as positive values.)
Item
Budgeted
Actual
Variance
Deficit/Surplus
Food
$
360
$
298
$
Transportation
$
320
$
334
$
Housing
$
950
$
982
$
Clothing
$
110
$
134
$
Personal
$
275
$
231
$
5.
award:
10
out of
10.00 points
Kara George received a $16,000
gift for graduation from her uncle. If she deposits this in an account paying
5 percent, what will be the value of this gift in 14 years? Use.mhhe.com/connect/0077506944/exhibit_1-a.jpg”>Exhibit
1-A.(Round
time value factors to 3 decimal places and final answer to the nearest dollar
amount.)
Value of the gift
$.gif” alt=”correct”>
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