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Mr. & Mrs. Andrews were examining their finances at the end of January, 2023. (50 points) On January 31 their Checkbook had $1450 in it.
Mr. & Mrs. Andrews were examining their finances at the end of January, 2023. (50 points) On January 31 their Checkbook had $1450 in it. They had $13,750 n their Savings Account. They owed $1,150 n their VISA and $625 on their MasterCard. They had $175 in Cash between them. They owned their home valued at $575,000 with a $475,000 mortgage on it and 2 cars. The 18 Mustang was worth $30,000 and still had a loan with a $28000 balance on it and a free & clear 15 Ford Explorer worth $24,000. During the month of January Mr. Andrews's Gross Salary was $8,000 and Mrs. Andrews's salary was $6,500. Their check stubs showed that Payroll had withheld $1,500 for Fed Income Tax, $320 for State Income Tax, $650 for FICA and $131 for Medicare. Mr. Andrews carried the Group Medical Insurance for the family and Payroll withheld $180 for the Employee portion of the premium. The bank statement showed that they had been paid $45 interest for January by their Savings Account Bank the January house payment stub showed that they had paid $3326.51 on their house payment that month and the Car Loan stub showed that they made a payment of 500.00. They had spent $350 on Gasoline and the repair bill on the Suburban had been $240 for Lube, Oil & Filter and rear wheel brakes. The insurance monthly bill for cars and house was $325. They spent $425 on Groceries and $150 on meals out. Mrs. A. had spent $125 on a new sport coat for Mr. A. Phones totaled $160. PG&E was $245, Water bill was $70 and Comcast was $180 for Cable TV & Internet. The Andrews were thinking of buying a new car. When Mr. Andrews called the bank to inquire about a loan they told him they needed a current Balance Sheet of their Personal Finances as of the end of January and a monthly Cash Flow statement for the month of January. Mr. Andrews heard you were taking a Personal Finance Class at DVC and asked you if you could do it for them. Transfer the information from above into the correct Financial Statement in an appropriate form for an Income & expense Statement for the month of January and a Balance Sheet as of 1/31/22 Download and use this MS Excel spreadsheet to record your data in the correct place in a Cash Flow Statement and a Balance Sheet
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