Albert Awol, 23, is a recent graduate of The University of North Carolina (go Heels!) and is still within his six-month grace period before his student loan repayment begins. For the last twelve months he has been working as a jungle cruise captain at the Magic Kingdom in Orlando, FL, where he resides permanently. He has aspirations of starting his own adventure guide business and has been investigating small business loans as a way to get his dream off the ground. Albert is planning for a trip to South America to visit the Amazon and apprentice with a local jungle cruise captain on the river in order to get a feel for what a similar business might look like. He feels that he can save enough money to accomplish this goal in three years.

Albert has done a good job documenting his financial and wage records, but it is not very organized. He is looking for some assistance and hires you as his financial advisor to assist. He has a number of goals he is looking to accomplish, including the need to replace his vehicle within the next six months. His first objective is to develop financial statements based on his current situation. He has organized the below information in order to accomplish this:

Checking account $8,000 Rent $1,000

Gross monthly wages $5,500 Gas $180

Monthly deductions $1,000 Car value $9,000

Savings account $12,000 Personal Property $1,000

Car payment $450 Student loan balance $25,000

Emergency fund $2,500 Student loan payment $400

Food $500 Credit card payment $200

Credit card balance $4,500 401(k) balance $20,000

Roth IRA $8,500 Car loan $5,500

Cell bill $140 Utilities $100

Internet $100 Car insurance $100

Dining Out $525 Entertainment $600

Based upon the above information it is clear that Albert must first organize this information into both a balance sheet and a cash flow statement. Using the data provided, develop these two personal financial statements for Albert.