Create a balance sheet using the information given on the Beckers and use the following exel template.

  
 

Terry and Evelyn Becker are a married couple in their mid 20s. Terry has a good start as an electrical engineer and Evelyn works as a sales representative. Since their maage four years ago, Terry and Evelyn have been living comfortably. Their income has exceeded their expenses, and they have accumulated an enable net worth. This includes $10,000 that they have built up in savings and investments. Because their income has always been more than enough for them to have the Mestyle they desine, the Beckers have done no financial planning Evelyn has just learned that she's two months pregnant She's concerned about how they'll make ends meet if she quits work after their child is born Each time she and Terry discuss the matter, he tells her not to worry because we've always managed to pay our bills on time." Evelyn can't understand his attitude because her income will be completely eliminated. To convince Evelyn that there's no need for concern, Terry points out that their expenses last year, but for the common stock purchase, were about equal to his take home pay. With an anticipated promotion and an expected 10 percent pay raise, his income next year should exceed this amount Terry also points out that they can reduce luxures (trips recreation, and entertainment) and can always draw down their savings or sell some of their stock if they get in a bind. When Evelyn asks about the long run implications for their finances, Terry says there will be "no problems" because his boss has assured him that he has a bright future with the engineering firm. Terry also emphasizes that Evelyn can go back to work in a few years f necessary. Despite Terry's arguments, Evelyn feels that they should carefully examine their financial condition in order to do some serious planning. She has gathered the following financial information for the year ending December 31, 2016 Salaries Terry Evelyn Item Food Spending Take-home Pay Gross Solary $52,500 $76,000 29,200 42,000 Clothing Spending Mortgage payments, including property taxes of $1,400 Travel and entertainment card balances Gas, electric, water expenses Household furnishings Telephone bill paid Auto loan balance Common stock investments Bank credit card balances Federal income taxes State income tax Social security contributions Cash on hand 2012 Nissan Sentra Medical expenses (unreimbursed) Homeowner's insurance premiums paid Checking account balance Auto insurance premiums paid Transportation Cable television bill paid Estimated value of home Trip to Europe Recreation and entertainment Auto loan payments Money market account balance Purchase of common stock Addition to money market account Mortgage on home ctice Amount $5,902 2,300 11,028 2,000 1,990 4,500 640 4,650 7,500 675 22,472 5,040 9,027 85 10,500 600 1,300 485 1,600 2,800 680 185,000 5,000 4,000 2,150 2,500 7,500 500 148,000 D 4