Use the following items to prepare a balance sheet and a cash flow statement. Determine the total liabilities, net worth, total cash inflows, and total cash outflows. (hint: rent is not a liability. it is an expense. Liability is more like a debt, which gives you legal problem if you don't pay. You can always move out to not to pay rent).Rent for the month $ 650 Monthly take-home salary $ 2,185 Spending for food $ 345 Cash in checking account $ 450 Savings account balance $ 1,890 Balance of educational loan $ 2,160 Current value of automobile $ 8,800 Telephone bill paid for month $ 65 Credit card balance $ 235 Loan payment $ 80 Auto insurance $ 230 Household possessions $ 3,400 Video equipment $ 2,350 Payment for electricity $ 90 Lunches/parking at work $ 180 Donations $ 160 Personal computer $ 1,200 Value of stock investment $ 860 Clothing purchase $ 110 Restaurant spending $ 130