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Question

Use the following information to develop a beginning Statement of Financial Position (Balance Sheet) and a Cash

Flow Statement.


Category                                  Market Value                                                                 

Pension - $15,432

Auto - Frank - $20,000

Auto - Lois - $5,750

Auto Loan - Interest - $381

Auto Loan -Principal - $4,996

Auto Maintenance - $600

Auto Insurance - Premiums - $2,124

Checking Account - $10,000

Credit Card Balance - $10,870

Credit Card -Interest  - $1,707

Credit Card - Principal Payment - $453

Furniture/Fixtures - $36,000

Jewelry - $6,000

Mortgage- Residence - $172,960

Mortgage - Interest Payment - $5,808

Mortgage - Principal Payment - $796

House - $225,000

Homeowner's Insurance Premiums - $534

Savings - $13,500

Trust Fund - $100,000

Clothing purchases - $3,600

FICA Taxes - $11,449

Food - $4,800

Child Care - $4,800

Salary - Frank - $50,000

Salary - Lois - $50,000

Utilities - $2,893

Entertainment - $4,200

Child Support - $2,400

Miscellaneous Expense - $2,100

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