$60,740 TABLE 3-2 Jones Family, Personal Income Statement The Tom Jones Family Personal Income Statement (Cash Flow Statement) January 1, 2013, to December 31, 2013 INCOME Salaries S60,000 Interest Income 740 TOTAL INCOME FIXED EXPENSES Mortgage Payment $9,600 Automobile Payment 5,040 Property Taxes 1,235 Insurance 4,500 Income Taxes 5,032 Savings & Investment 1,200 Personal Loan Payment 900 TOTAL FIXED EXPENSES $27,507 VARIABLE EXPENSES Food $5,485 Transportation 2,500 Utilities 1,800 Clothes & Personal 2.700 Recreation & Vacation 2.780 TOTAL VARIABLE EXPENSES $15,265 TOTAL EXPENSES (Cash Balance at the end of the year) $42,772 $17,968 5. Construct a statement of financial position (balance sheet) for the Humperdinck family using the following information: cash, $50; checking account, $2,500; student loan balance, $6,000; stocks and bonds, $2,600; savings account, $5,850; residence, $110,000; automobile, $12,000; savings account, $5,800; automobile loan balance, $12,000; 401(k) retirement account, $15,000; furniture, clothing, jewelry, $8,000; credit card balance, $4,000; and mortgage loan balance, $99,000. 6. Construct an income statement using the following information: net sales, $500,000; salaries, $100,000; rent, $24,000; COGS, $250,000; utilities, $25,000; payroll taxes, $25,000; insurance, $12,000; and interest expense, $5,450. Make sure that you include gross profit, operating expenses, and net profit