Construct Financial Statements

Thomas Green, of Laramie, Wyoming, has been a retail salesclerk for six years. At age 35, he is divorced with one child, Amanda, age 7. Thomas' salary is $46,000 per year. He regularly receives $500 per month for child support from Amanda's mother. Thomas invests $100 each month ($50 in his mutual fund and $50 in U.S. savings bonds).

ASSETS	Amount
Vested retirement benefits (no employee contribution)	$ 6,000
Money market account (includes $150 of interest earned last year)	5,000
Mutual fund (includes $200 of reinvested dividend income from last year)	5,000
Checking account	1,000
Personal property	6,000
Automobile	12,500
U.S. savings bonds	3,000
LIABILITIES	Outstanding Balance
Dental bill (pays $25 per month and is included in uninsured medical/dental)	$ 450
Visa (pays $100 per month)	3,500
Student loan (pays $100 per month)	9,000
ANNUAL FIXED EXPENSES	Amount
Auto insurance	$ 780
Rent	12,000
Uninsured medical/dental	1,000
Federal income tax	5,600
Social Security taxes	3,500
Health insurance	2,440
ANNUAL VARIABLE EXPENSES	Amount
Dry cleaning	$ 480
Utilities	2,400
iPhone	980
Cable	1,400
Internet	800
Food	3,000
Personal care	420
Gas, maintenance, license	2,120
Clothes	500
Entertainment	2,500
Vacations/visitation/travel	3,100
Child care	4,990
Gifts	400
Miscellaneous	300

Using the information above, construct a balance sheet and a cash-flow statement for Thomas. Round monetary values to the nearest dollar and percentage values to two decimal places.

Balance Sheet for Thomas Green
		Dollars				Percent
ASSETS
Monetary Assets
Checking account		$				%
Money market account						%
U.S. savings bonds						%
Total Monetary Assets				$				%
Tangible Assets
Personal property		$				%
Automobile						%
Total Tangible Assets				$				%
Investment Assets
Mutual fund		$				%
Vested retirement benefits						%
Total Investment Assets				$				%
TOTAL ASSETS				$				%
LIABILITIES
Short-Term Liabilities
Dental bill		$				%
Visa						%
Total Short-Term Liabilities				$				%
Long-Term Liabilities
Student loan		$				%
Total Long-Term Liabilities				$				%
TOTAL LIABILITIES				$				%
NET WORTH				$				%
TOTAL LIABILITIES AND NET WORTH				$				%

Cash-Flow Statement for Thomas Green
		Dollars				Percent
INCOME
Thomas' salary		$				%
Child support						%
Interest and dividends						%
TOTAL INCOME				$				%
EXPENDITURES
Fixed Expenses
Rent		$				%
Mutual fund						%
U.S. savings bond						%
Health insurance						%
Auto insurance						%
Uninsured medical/dental						%
Taxes						%
Debt payments						%
Total Fixed Expenses				$				%
Variable Expenses
Food		$				%
Utilities						%
iPhone						%
Cable						%
Internet						%
Gas, maintenance, license						%
Dry cleaning						%
Personal care						%
Child care						%
Clothes						%
Entertainment						%
Vacation/visitation/travel						%
Gifts						%
Miscellaneous						%
Total Variable Expenses				$				%
TOTAL EXPENSES				$				%
NET GAIN				$				%