Ms Yvette Bordeaux has asked you to prepare specified personal financial statements on her behalf. Yvette is a 33 year-old employed landscape gardener and has a gross income of $55,000 for the 2018 financial year. In addition, Yvettes employer also contributes 9.25% of her gross income into a personal superannuation fund that you have set up to fund her retirement. Fortnightly salary deductions (based on gross income) for Yvette are as follows:

Details Percentage

Taxation 20

Personal super contributions 7

Health cover 3

Union fees 2

Other expenditures incurred by Yvette for the 2018 financial year are as follows:

Details Amount ($)

Household expenses 10,000

Mortgage loan repayments 12,000

Credit card repayments 8,000

Entertainment expenses 5,000

Yvette has also provided a list of her assets and liabilities based on the information that she currently has available as shown below:

Details Amount ($)

Assets -

House 400,000

Personal effects 15,000

Superannuation 160,000

Car 10,000

Savings account 2,000

Liabilities -

Mortgage loan 250,000

Credit card balance 10,000

(a) Prepare a personal cash flow budget for Yvette for the 2018 financial year based on the information provided.

(b) Prepare a current personal balance sheet for Yvette based on the information provided.