Do the Math 3-5 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 Vested retirement benefits (no employee contribution) Amount $ 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 Automobile U.S. savings bonds LIABILITIES 6,000 11,500 3,000 Dental bill (pays $25 per month and is included in uninsured medical/dental) Visa (pays $100 per month) Student loan (pays $100 per month) ANNUAL FIXED EXPENSES Outstanding Balance $ 450 3,500 8,000 Amount $ 780 12,000 1,000 5,600 3,500 2,440 Auto insurance Rent Uninsured medical/dental Federal income tax Social Security taxes Health insurance ANNUAL VARIABLE EXPENSES Dry cleaning Utilities Amount $ 480 2,400 ANNUAL VARIABLE EXPENSES Dry cleaning Utilities iPhone Amount $ 480 2,400 980 1,400 Cable Internet 800 Food 3,000 Personal care 420 Gas, maintenance, license 2,120 Clothes 500 Entertainment Vacations/visitation/travel Child care Gifts Miscellaneous 2,500 3,000 4,910 400 300 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 $ % % % % $ % % % $ % % % $ % $ % % % % $ % $ % $ % $ % $ 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 $ $ $ Cash-Flow Statement for Thomas Green Dollars $ $ Percent % % % % % % do do do do do do do do % % % % % % % % % % % % % % % % $ % $ % $