Charlotte and Ben are in their mid$-20$s and have been married for three years. Ben is a salesman and Charlotte works as a preschool teacher. They have acted responsibly financially since they married and have managed to save $$10,000$ between their savings and investment accounts. They want to start a family this year which has caused some concern over their lack of any long$-$term planning. Also, Charlotte is concerned if they will be okay financially if she stops working once they become parents. Ben doesn$$t seem too concerned as they have done pretty well for themselves up to this point and since they are both responsible individuals. Charlotte does not share his confidence. Ben is trying to convince Charlotte all will be well by reviewing their expenses last year. Ben also feels if he gets a raise and if they cut back on expenses then they should have nothing to worry about. Charlotte is more concerned about the long$-$term implications. Ben pointed out that Charlotte can always go back to work after a few years if necessary. They have gathered the following information as of December $31,2023.$ Salaries Annual Gross Salary

Ben Annual Take$-$Home Pay: $$52,500$ Annual Gross Salary: $$76,000$

Charlotte Annual Take$-$Home Pay: $$29,200$ Annual Gross Salary: $$42,000$

Item Annual Amount

Food: $$5,902$

Clothing: $2300$

Mortgage payments, including property taxes of $$1400$: $11,028$

Travel and entertainment card balances: $2,000$

Gas, electric, water expenses: $1,990$

Household furnishings: $4,500$

Telephone bill: $640$

Auto loan balance: $4,650$

Common Stock investments balance end of year: $7,500$

Bank credit card balances: $675$

Federal income taxes: $22,472$

State income taxes: $5,040$

Social security contributions: $9,027$

Credit card loan payments: $2,210$

Cash on hand: $85$

$2015$ Nissan Sentra book value: $10,500$

Medical expenses $($unreimbursed$)$: $600$

Homeowner$$s insurance premiums paid: $1,300$

Checking account balance: $485$

Auto insurance premiums paid: $1,600$

Transportation costs: $2,800$

Cable television cost: $680$

Estimated value of home: $185,000$

Trip to Europe this past year: $5,000$

Recreation and entertainment: $4,000$

Auto loan payments: $2,150$

Ending money market account balance: $2,500$

Purchase of common stock during year: $7,500$

Addition to money market account during year: $500$

Mortgage on home: $148,000$

Create a balance sheet?

What is the checking account total?

WHat is the money market account total?