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$122,782 $ 5,860 Karl's net income from the bar (Schedule C) $64,000 June's salary 57,200 Dividend income 777 Checking interest income 130 Savings interest income 400 Certificate of deposit 275 Total inflows OUTFLOWS Planned savings Section 401(k) plan 5% deferral for June $ 2,860 IRA 3,000 Total planned savings Ordinary living expenses Mortgage (principal and interest) $10,267 Homeowners insurance premium 739 Church donations-cash 5,200 Lease on Honda 3,588 Principal and interest on Cherokee 7,800 Gas/oil/maintenance 2,000 Auto insurance payments (both cars) 1,080 Credit card payments 6,200 Taxes on income 41,018 Property taxes on residence 2,657 Utilities 1,200 Telephone 600 Life insurance premiums (Karl) 2,361 Accidental death and dismemberment 68 Support for Gerdi and Maria 9,600 Health 2,592 Dental insurance 216 Child care (paid to Alamo) 4,500 Disability income insurance premiums (both) 838 Vacation expense 4,000 Entertainment expense 3,250 Food 3,250 Clothing 3,000 Total ordinary living expenses Total outflows Net cash flow (Surplus) $116,024 $121,884 $ 898 NOTES REGARDING TAXES FICA--Karl (564,000 x 9235 x 153) FICA-June (7.65% x 557,200) Estimated payments (Karl) Federal w had ng Lane) Total taxes $9,043 4,375 12,600 15,000 $41,018 STATEMENT OF FINANCIAL POSITION Karl and June Monroe January 1, 2017 Liabilities and Net Worth? Assets Current Liabilities Cash/cash equivalents $ 8,200 CP Checking account (2.5%) $ 5,200 Credit card balances (14.7%) CP Savings account (3.25%) 11,000 12,300 Car loan (Jeep Grand Cherokee) $ 17,500 Total current liabilities 19,200 Total cash/cash equivalents Invested assets Long-term liabilities Certificate of deposit CP $5,000 Home mortgage $ 98,836 (5.5%, 2 year, matures 12/31/17) (9.25% for 30 years) Saving bonds CP 4,000 Total long-term liabilities $ 98,836 (Zero-coupon EE bonds) CP Mutual funds CP 18,800 Stocks CP 13,600 Section 401(k) plan vested balance June) CP 31,331 TOTAL LIABILITIES $118,036 IRA (Karl) CP 27,942 Proprietorship in bar CP 138,000 Rental property 84,000 Cash value life insurance CP 21,250 Total Tvestments $343,923 NET WORTH $402,787 Personal use assets House (land has a FMV of $20,000) CP $125,000 Jewelry (one diamond) CP 8,000 Jeep Grand Cherokee 24,000 Baseball card collection S1 2,400 Total personal use $159,400 TOTAL ASSETS $520,823 TOTAL LIABILITIES AND NET WORTH $520,823 Notes to financial statements 'Assets are stated at fair market value Liabilities are stated at principal only and are all community obligations. "The savings account is currently serving as their emergency fund. "Replacement value is $105,000 General note: The numbers in parentheses reflect the interest that is being assessed Title designations CP - Community property 51 Karl's separate property