Answer Q5 please

1. Given the following information, develop a beginning-of-the-year statement of financial position. Beginning date End date Client name January 1, 2015 December 31, 2015 Frank and Lois Fox Ending Income/Expenses Balance Amount (Yearly) $750 Balance Section 401(k) plan deferrals Section 401(k) plan-Frank Section 403(b) plan deferrrals Section 403(b) plan-Lois so $1,500 $990 so $15,432 $990 $10,436 Auto loan Auto loan interest Auto loan principal Auto maintenance Automobile-Frank Automobile-Lois Automobile insurance premiums Checking Child support Clothing Credit card Credit card payments interest Credit card payments principal Entertainment FICA and federal income tax (W/H) Food 5381 $4,996 $600 $20,000 $5,750 $18,000 $5,175 $2,124 $10,000 15,570 $2,400 $3,600 $10,870 $10,417 $1,707 $453 $4,200 $11,449 $4,800 $36,000 34,000 50 $6,000 $72,960 $1,200 $6,100 72,164 $534 Maid/child care Mortgage on residence Mortgage payment interest Mortgage payment principal Personal residence Property tax (principal residence) Reinvestment in savings account/trust Salary- Frank Salary-Lois $4,800 $5,808 $796 $85,000 $89,250 $850 $5,675 $25,000 $33,000 $13,500 $14,175 Savings account/trust fund interest Trust fund Tuition and education expenses Utilities Additional transactions: $5,675 $100,000 $105,000 $2,893 $2,100 Made a joint gift of bedroom furniture with a fair market value of $2,000 to Frank's little sister Section 401(k) plan employer match-3% of income Bought a go-cart for their son for $1,200