Can someone tell me if this is correct and help me figure out how to complete the remaining questions?

Project 2 - Financial Statements and Ratios Instructions: Use this information to fill in the blanks on the Student Answer Sheet. When complete, please submit the Student Answer Sheet on BlackBoard as a word document (.docx file). You may consult with the classmates/instructor at any time. Please show your work and your thought process when appropriate. Bob and Polly Williams heard that you were taking the PFI/PFP 3301 course at Texas Tech University. Due to their limited knowledge in personal finance they are in a desperate need of your help! They want to know how well they are doing financially and how could they improve their situation. Based on information they provided to you: 1. Construct their Cash Flow Statement (Income Statement). [10 points] 2. Construct their Balance Sheet. [10 points] 3. Calculate their financial well-being through the use of ratios. [5 points] 4. Provide recommendations. [5 points] Bob's Salary Polly's Salary Home value Mortgage payment 2014 Toyota Corolla Fair Market Value Checking Account balance Groceries Investment Account balance (that holds mutual funds) 2014 Toyota loan payment Past Due Utility Bill Utilities Credit Card balance Entertainment 2014 Corolla loan balance Stamp Collection Gas Mortgage balance Credit Card payments Jewelry Savings set aside each year towards a new car Tax Refund Money Market Account balance 401(k) Account balance Cash Auto Insurance payments $65,000 $36,000 $175,000 $15,000 $6,000 $2,800 $3,000 $2000 $2,500 $180 $2,000 $1,000 $4,000 $1,000 $2,000 $2,600 $85,000 $700 $500 $1,000 $400 $2,000 $15,000 $300 $900 *Note, each item belongs on either the balance sheet or the Cash Flow Statement, not both. *All items will be used, but there may be blank lines on the statements. Due: Thursday, February 16th, 2017 at 11:59 pm Project 2 - Financial Statements and Ratios PFI/PFP 3301 - Spring 2017 Instructor: Amber Lemmon Please show your work and your thought process as needed at the end. Cash Flow Statement Bob and Polly Williams January 1, 2016 - December 31, 2016 CASH INFLOWS Income Annual Amount Bob's Salary Polly's Salary 65,000 36,000 Click here Total Cash Inflows Click here 101000 CASH OUTFLOWS LIVING EXPENSES Fixed Expenses Annual Amount Mortgage payment Auto Insurance Past Due Utility Bill Credit card payment Corolla Loan Payment 15000 900 180 700 2500 19280 Total Fixed Expenses Variable Expenses Name: Click here Groceries Utilities Entertainment Gas 3,000 2,000 4,000 2,600 Click here Click here Click here Total Variable Expenses Click here Click here Click here Total Living Expenses 30880 NET DISCRETIONARY CASH FLOW Click here 11600 Due: Thursday, February 16th, 2017 at 11:59 pm Project 2 - Financial Statements and Ratios PFI/PFP 3301 - Spring 2017 Instructor: Amber Lemmon Balance Sheet Bob and Polly Williams December 31, 2016 ASSETS Monetary Assets LIABILITIES & NET WORTH Total Monetary Assets Amount 300 400 500 1200 Current Liabilities Credit card payment Corlla Loan PAyment Click here Total Current Liabilities Amount 700 1000 Click here 1700 Investment Assets Savings towards a new car Investmen account Click here Total Investment Assets 1000 2000 Click here 3000 Long-Term Liabilities Home value Click here Credit Card Balance Total Noncurrent Liabilities 175000 Click here 1000 176000 Retirement Assets 401K Money Market Acct balance Total Retirement Assets 15,000 2000 17000 Cash Tax REfund Jewelry Total Liabilities 183700 Housing Mortgage balance Click here Total Housing 85000 Click here 85000 Automobiles and Personal Property Corolla fair market value Stamp collection Click here Total Automobiles and Personal Property 6000 2000 Click here 8000 Total Assets 114200 Net Worth Click here Total Liabilities and Net Worth Click here Due: Thursday, February 16th, 2017 at 11:59 pm Project 2 - Financial Statements and Ratios PFI/PFP 3301 - Spring 2017 Instructor: Amber Lemmon Financial Well-Being Analysis Bob and Polly Williams RATIOS Area Living Expenses Covered Ratio Debt Ratio Debt Service to Income Ratio Saving Ratio Investment Assets to Total Assets Ratio Calculation Monetary Assets / Monthly Living Expenses Total Liabilities / Total Assets Annual Debt Payments / Gross Annual Income Annual Savings / Annual Living Expenses (Investment Assets + Retirement Assets) / Total Assets Ratio Click here Click here Click here Click here Click here Recommended 3 to 6 months less than 1 less than 36% 10% or more 10% or more Based on your Financial Well-Being Analysis, how well are Bob and Polly managing their finances? Explain. Click here What recommendations do you have to help Bob and Polly improve their financial situation? Click here PFI/PFP 3301 - Spring 2017 Instructor: Amber Lemmon Due: Thursday, February 16th, 2017 at 11:59 pm Project 2 - Financial Statements and Ratios Use this space to show your work. Net Discretionary Cash Flow Calculation: Click here Net Worth Calculation: Click here Living Expenses Covered Ratio Calculation: Click here Debt Ratio Calculation: Click here Debt Service to Income Ratio Calculation: Click here Savings Ratio Calculation: Click here Investment Assets to Total Assets Ratio Calculation: Click here Other: Click here