BUS 110 - Personal Finance Activity #3 (20 points) Gwen Brooks, a 28-year old college graduate, never took a personal finance class. She pays her bills on time, has managed to save a little in a mutual fund, and with the help of an inheritance managed a down payment on a condominium. But Faith worries about her financial situation. Given the following information, prepare an income statement, balance sheet, and calculate her: Net Income Margin, Return on Assets, Return on Net Worth, and Debt Assets ratios. Based on your assessment, what advice would you give Gwen? In addition to the following items, Gwen offers these explanations: All short-term and long-term liabilities are unpaid. "Other expenses, monthly" represents cash spent without a record. She charges all incidentals on her credit cards and pays off the balances monthly. The balances given represent her average monthly balances Visa Bill $355 Stocks $5,500 Master Card bill $245 Monthly net pay $2,400 Annual medical Expenses $264 Mortgage pmt. $530 Temple Mutual Fund $2,100 401(K) retirement $4,500 Monthly car payment $265 Monthly utilities $275 Savings account $2,300 Checking account $825 Monthly clothing expense $45 Condominium $65,000 Quarterly auto insurance $450 Coin Collection $3,250 Monthly food $225 Auto $9,000 Furnishings $5,500 Auto loan, owes $4,225 Other personal property $8.000 Mortgage balance $50,000 Other monthly expenses $150