Andrew and Cynthia Bates would like your help in starting their financial plan. Review their financial and personal information before answering the following questions.

1. Using the January 1, 2022 asset and liability information, develop a balance sheet for Andrew and Cynthia Bates. Assume that Andrew and Cynthia have no unpaid monthly bills (but have not yet made their education, car, or house loans, but will pay them on 1/2). Assets on a balance sheet should be listed at the market current value, not the purchase price. Liabilities are listed at the current outstanding balance. What is their net worth? (calculate the value of the bolded liabilities BEFORE the January payment is made)

2. Using the income and expenditure information for 2021, complete a cash flow statement for Andrew and Cynthia. Date this statement January through December of 2021. Divide the mortgage payment into its parts -- PI (principal & interest) is the mortgage payment, taxes are property taxes, and home insurance is homeowners insurance. Be sure to total your entries for each row in the third column of the cash flow statement. (Be aware that some income and payments (car insurance) is irregular).

Did Andrea and Cynthia have a cash surplus or a cash deficit in 2021? What impact would the 2021 cash surplus (deficit) have on their January 1, 2021 balance sheet? (generally speaking).

3. Based on the information in the original case and in their financial statements, list at least 3 positive and 3 negative aspects of Andrew and Cynthias current financial status.

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