4. 5. 6. 7. 8. 9. 10. Do the Math 3-5 O Construct Financial Statements Thomas Green, of Laramie, Wyoming, has been a retail salesclerk for six years. At age 35, he is divorced with one child, Amanda, age 7. Thomas' salary is $46,000 per year. He regularly receives $500 per month for child support from Amanda's mother. Thomas invests $100 each month ($50 in his mutual fund and O $50 in U.S. savings bonds). o ASSETS Amount Vested retirement benefits O (no employee contribution) $ 6,000 Money market account (includes $150 of interest earned last year) 5,000 Mutual fund (includes $200 of reinvested dividend income from last 5,000 year) Checking account 1,000 Personal property 6,000 Automobile 12,500 U.S. savings bonds 3,000 11. 12. LIABILITIES Outstanding Balance Dental bill (pays $25 per month and is included in uninsured medical/dental) Visa (pays $100 per month) Student loan (pays $100 per month) $ 450 3,500 9,000 Amount $ 780 ANNUAL FIXED EXPENSES Auto insurance Rent Uninsured medical/dental Federal income tax 12,000 1,000 5,600 2,440 Health insurance ANNUAL VARIABLE EXPENSES Dry cleaning Amount $ 480 2,400 Utilities iPhone Cable 980 1,400 800 3,000 420 Internet Food Personal care Gas, maintenance, license Clothes Entertainment Vacations/visitation/travel / Child care 2,120 500 2,600 3,100 4,910 400 Gifts Miscellaneous 300 Using the information above, construct a balance sheet and a cash-flow statement for Thomas. Round monetary values to the nearest dollar and percentage values to two decimal places. Balance Sheet for Thomas Green Dollars Percent $ % % % ASSETS Monetary Assets Checking account Money market account U.S. savings bonds Total Monetary Assets Tangible Assets Personal property Automobile Total Tangible Assets $ % $ % % $ % $ % % $ % $ % HW 2(Chapter 3) Investment Assets Mutual fund Vested retirement benefits Total Investment Assets TOTAL ASSETS LIABILITIES Short-Term Liabilities - Dental bill Visa Total Short-Term Liabilities Long-Term Liabilities Student loan Total Long-Term Liabilities TOTAL LIABILITIES $ % % $ o % $ % % $ $ $ % NET WORTH $ % s % TOTAL LIABILITIES AND NET WORTH Cash-Flow Statement for Thomas Green - Dollars Percent $ % % % % INCOME Thomas' salary Child support Interest and dividends TOTAL INCOME EXPENDITURES Fixed Expenses Rent $ % $ % Mutual fund % U.S. savings bond % Health insurance % Auto incurano % 0% Auto insurance Uninsured medical/dental Taxes % % % Debt payments Total Fixed Expenses Variable Expenses Food O O % $ % % Utilities iPhone Cable % % % % % % % % Internet Gas, maintenance, license Dry cleaning Personal care Child care Clothes Entertainment Vacation/visitation/travel Gifts Miscellaneous Total Variable Expenses TOTAL EXPENSES NET GAIN % % % % $ % % $ $ % % Check My Work 0-Icon Key