Question
Learning Goals: Specify SMART financial goals and create personal financial statements, including a balance sheet, income and expense statement, and budget. Recognize the impact of
Learning Goals:
- Specify SMART financial goals and create personal financial statements, including a balance sheet, income and expense statement, and budget.
- Recognize the impact of taxes on personal finance and be familiar with the structure and elements within the income tax form 1040.
Rodney and Shania Cashman heard that you were taking the PFI/PFP 3301 course at Texas Tech University. Due to their limited knowledge in personal finance they are in a desperate need of your help! They want to know how well they are doing financially and how could they improve their situation. Based on information they provided to you: 1. Construct their Balance Sheet and their Cash Flow Statement. 2. Calculate their financial well-being through the use of Ratios. 3. Provide any recommendations if necessary.
| Rodney's Salary | $ 35,000 | |
| Shania's Salary | $ 40,000 | |
| Home value | $ 180,000 | |
| Mortgage payment | $ 12,000 | |
| 2018 Lexus fair market value | $ 38,000 | |
| Checking Account balance | $ 900 | |
| Groceries | $ 6,000 | |
| Investment Account balance (that holds mutual funds) | $ 500 | |
| 2018 Lexus loan payment | $ 6,000 | |
| Past Due Utility Bill | $ 200 | |
| Utilities | $ 1,200 | |
| Credit Card balance | $ 1,000 | |
| Entertainment | $ 2,400 | |
| 2018 Lexus loan balance | $ 25,000 | |
| Stamp Collection | $ 1,900 | |
| Gas | $ 3,800 | |
| Mortgage balance | $ 160,000 | |
| Credit Card payments | $ 2,400 | |
| Jewelry | $ 100 | |
| Savings set aside each year towards a new car | $ 600 | |
| Tax Refund | $ 1,000 | |
| Money Market Account balance | $ 2,000 | |
| 401(k) Account balance | $ 500 | |
| Cash | $ 100 | |
| Auto Insurance payments | $ 960 |
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3 1/2 IRS Audit Red Flags That Trigger 99% Of All IRS Audits Tax Houdini How To Cut Taxes Without Provoking An Audit
Authors: Dean Q Wynn, Sam L Milledge, Altaf Adam, Samuell L Milledge II, Eric T McFerren
1st Edition
1985081199, 978-1985081192
