Instructions:

You are preparing the financial statements for the Johnson family.

To begin with you just want to identify each line and indicate

where it will be going (e.g. Balance Sheet, Income Statement).

Just write Balance Sheet and or Income statement next to each line.

Tom's 2014 Salary Before Taxes was $78,000

Kate's 2014 Salary Before Taxes was $84,000

Fed income taxes, state income taxes and FICA combined totaled $46,120 (paid)

Home Value $549,000

2014 property taxes were $14,000 (paid)

Mortgage $300,000

House Payment plus insurance per month $2400

Kate bought Microsoft stock in 2012 and they still own it. It's worth $40,0000

Tom's 401k at work has several mutual funds worth a total of $120,000

Tom has a 2002 VW GTI worth about $3,000

Kate has a 2013 Audi S6 worth about $35,000

Car loan on Audi totals is $25,000

Car Payment is $1583

Car insurance for 2014 was $2000 (paid)

Credit Card Balance $4,000

Tom's monthly contribution o his 401k is $1,000

Joint Checing account balance $1,200

Joint Savings balance $5,400