Question
Jeremy and Michelle Daniels, ages 32 and 30, respectively, are married with two small childrenHarper, age 2 and Andrea, 6 months. Jeremy is employed as
Jeremy and Michelle Daniels, ages 32 and 30, respectively, are married with two small childrenHarper, age 2 and Andrea, 6 months. Jeremy is employed as a product manager and Michelle works part-time at their church as the childrens coordinator. They live in Yuma, AZ where they recently purchased a home. They waited to buy a home until after paying off their student loan debts. But they also used up a large chunk of their savings to buy the home.
As part of the financial planning process, you requested that the Daniels provide you with income and expense data and all asset and liability data. They provided you with the following numbers below. Now it is up to you to put together an income and expense statement and a balance sheet as of December 31, 2020. Use the examples statements in your textbook, from chapter 4 when creating your statements. Note: data is in annual terms, or current balance. Use the information from the two statements to answer the following questions: (Please submit both financial statements and your answers to the following questions Can all be in one Excel document). Note: Each item should only be used once!
Please help me to figure out the income and expenses statement, I need the list of inflows and the outflows.
401(k) Savings Balance 403(b) Savings Balance 529 Education Savings Plan Balance 529 Education Savings Plan annual savings Auto insurance Auto (Ford) Loan (loan balance owing) Auto Maintenance Auto Loan Payment annual Charity Checking Acct Balance Child Care Chiropractor Clothing Disability insurance Emergency Fund Savings Account Balance Federal Income tax Food Ford Auto FMV (fair market value) Fuel Furniture/Clothing FMV Gifts $30,835 $1,028 $3,577 $1,584 $1,632 $9,230 $360 $4,212 $7,920 $1,500 $1,440 $960 $900 $36 $6,000 $14,640 $9,000 $17,000 $2,400 $10,000 $600 $10,296 $965 $600 $4,200 $2,000 $6 $85,000 $3,588 $6,000 $864 $660 $7,200 $194,000 $12,108 $900 $600 $5,892 Health insurance Home insurance Home Repairs Honda FMV Hospital Bill (unpaid, but due now) Interest Income Jeremy (gross salary) Jeremy 401(k) annual savings Jeremy Salary Bonus Life insurance Medical/Dental annual expense Michelle (gross salary) Mortgage (loan balance owing) Mortgage annual expense Personal Care Pet Property tax annual expense Recreation Mortgage (future 12-months of mortgage owing) Personal Residence FMV Savings Acct Balance State Income tax expense Telephone Utilities annual expense $420 $9,000 $220,000 $8,800 $1,414 $1,080 $3,600Step by Step Solution
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