hdfassignment - 1 322 Greninger Assignment 2 Coopers...

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322 – Greninger – Assignment 2 – Cooper’s Revised Financial Planning Due : Thursday, February 24, at the beginning of class Name (printed): ______________________________________________Date: _______________ last first Circle first letter of last name: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Instructions: This assignment utilizes the Cooper case study that is located in the Blackboard assignment section and their REVISED financial statements. Be sure to pay attention to the hints and clarifications below. Please turn in this assignment in the following order. 1. This cover sheet 2. Copies of the revised balance sheet and cash-flow statement that have been given you 3. 4. Assessment of strengths and weaknesses—typed on worksheet 5. 6. Planned savings and specific recommendations for successful implementation worksheet—typed on worksheet Photocopies will not be accepted. Staple all the pages together (no paper clips, pins, bent edges, etc.) before you come to class or turn in your completed assignment. Legibly print your name on each sheet you turn in. Be sure to keep copies of your work as insurance against lost papers. Revisions to Financial Statements After reviewing their initial cash-flow statement, Kyle and Cindy made the following decisions to bring their income and expenditures into better balance than their first effort produced. Note: Do not make these changes yourself—they have been done for you on the REVISED financial statements. Cindy decided to increase her work hours at the hospital from 50% time to 75% time. She had been working 10-hour shifts on Tuesday and Thursday. Her supervisor told her the hospital was having difficulty fully staffing RNs on weekend days, and the hospital was very interested in upgrading Cindy to full time employee status after she completed her M.S. degree and would provide her with additional paid training to qualify for a higher-level supervisory position. After talking this opportunity over with Kyle and getting an agreement with him that he would do more of the cooking and cleaning around the apartment, Cindy agreed to take the 75% hospital position, which increased her annual pay by $11,400. She told Kyle that she would rather work more hours than use her inheritance in the mutual fund to pay off debts and meet on-going expenses because she wanted to reserve her inheritance money for making a house down payment or setting up a college fund for their children in the future. She also checked with her graduate advisor to determine that the two courses she had remaining and her thesis conferences would be available on the days when she was not working at the hospital. Cindy estimated that her annual income tax withholding would increase by about $980 and her annual social security tax
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hdfassignment - 1 322 Greninger Assignment 2 Coopers...

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