User Account

All Pages

Prepare a statement of financial position based on the data

Assignment Help Other Subject
Reference no: EM13878995

Alex (age 36) and Maria (age 38) have been married for 12 years, and they have three children, Jose (age 10), Anna, (age 12) and Caridad (age 14). The Smiths live at 5389 East Red Hawk Drive, Jacksonville, Florida. Alex currently works as an assistant manager at a department store, where his salary last year was $65,300. Maria's substitute teaching only added $2,000 last year to their income. Last year, Alex did 15 tax returns for others and made $1,500. They own a house with a 30-year, $302,000 mortgage at 6%. Their monthly principal and interest payment is $1,810. The house was appraised at $350,000 and they currently owe $300,000. Alex and Maria have $3,000 in a jointly held savings account at a local bank. They have jointly owned personal property-clothing, jewelry, furniture, etc.-valued at $45,000. Maria just inherited antiques worth $23,000. Alex has a car with a 5-year loan at 9%, and his monthly payment is $560. The car is currently valued at $8,000 and the balance on the note is $15,000. Maria has a minivan financed over five years at 9%. Her monthly payment is $622. The van is valued at $13,000 and the balance on the note is $20,000. Maria has a rollover IRA worth $25,000. The IRA holds: $10,000 in an S&P 500 Index Fund and $15,000 in an Intermediate Term Bond Fund. They have another $20,000 on their credit cards. Annual household expenses include:

Property Tax $2,785
Homeowner's Insurance $350
Utilities $1,200
Telephone $745
Auto Insurance $925
Credit Card Payments $3,872
Cancer Insurance Policy $600
Income Taxes $11,850
Food $3,620
Medical/Dental $3,800
Clothing/Personal Care $980
Gas / Oil / Maintenance $1,097
Entertainment/Vacation $1,072

Question 1:  Prepare an Income (Cash Flow) Statement based on the data provided above and enter total amounts in the boxes below.

TOTAL Cash Inflows:

TOTAL Fixed Outflows:

Total Variable Outflows:

Question 2: Prepare a Statement of Financial Position based on the data provided and enter total amounts in the boxes below.

Total Assets:

Total Liabilities:

Net Worth:

Reference no: EM13878995

Questions Cloud

Create t accounts for cash account : Create T- accounts for the following accounts: Cash, Equipment, Note Payable, and Common Stock. Beginning balances are zero. For each of the above transactions, record its effects in the appropriate T- accounts. Include referencing and totals for eac..
What is meant by the term media convergence : What is meant by the term media convergence
Discuss the criteria determining whether a company : Discuss the criteria determining whether a company should source its materials and move its products via Air Freight versus via Sea Freight.
Describe your product or service offering : Offering. Describe your product or service offering as it is currently n terms of features and benefits, price and the total cost of ownership as discussed in the week's readings. Is it more product dominant or service dominant. What are the tangible..
Prepare a statement of financial position based on the data : Prepare a Statement of Financial Position based on the data provided and enter total amounts in the boxes below
What are the companys core brand values : With a portfolio as diverse as Google's, what are the company's core brand values?
How might you apply the bpr process to an hrm office : How might you apply the BPR process to an HRM office that currently only has an employee database and no other automated HRM functions?
Rent and other costs will increase : Campus Package Delivery (CPD) provides delivery services in and around Paradise.
Explain how health promotion ethics are important : As a professional, explain how health promotion ethics are important and how would you apply them as a   practitioner with an example?

Reviews

Write a Review

Other Subject Questions & Answers

  Cross-cultural opportunities and conflicts in canada

Short Paper on Cross-cultural Opportunities and Conflicts in Canada.

  Sociology theory questions

Sociology are very fundamental in nature. Role strain and role constraint speak about the duties and responsibilities of the roles of people in society or in a group. A short theory about Darwin and Moths is also answered.

  A book review on unfaithful angels

This review will help the reader understand the social work profession through different concepts giving the glimpse of why the social work profession might have drifted away from its original purpose of serving the poor.

  Disorder paper: schizophrenia

Schizophrenia does not really have just one single cause. It is a possibility that this disorder could be inherited but not all doctors are sure.

  Individual assignment: two models handout and rubric

Individual Assignment : Two Models Handout and Rubric,    This paper will allow you to understand and evaluate two vastly different organizational models and to effectively communicate their differences.

  Developing strategic intent for toyota

The following report includes the description about the organization, its strategies, industry analysis in which it operates and its position in the industry.

  Gasoline powered passenger vehicles

In this study, we examine how gasoline price volatility and income of the consumers impacts consumer's demand for gasoline.

  An aspect of poverty in canada

Economics thesis undergrad 4th year paper to write. it should be about 22 pages in length, literature review, economic analysis and then data or cost benefit analysis.

  Ngn customer satisfaction qos indicator for 3g services

The paper aims to highlight the global trends in countries and regions where 3G has already been introduced and propose an implementation plan to the telecom operators of developing countries.

  Prepare a power point presentation

Prepare the power point presentation for the case: Santa Fe Independent School District

  Information literacy is important in this environment

Information literacy is critically important in this contemporary environment

  Associative property of multiplication

Write a definition for associative property of multiplication.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd