PART 1 A couple, Randall and Beth (both age 30) have come to see you regarding their financial situation. Randall works for a consulting firm earning $180,000 per annum. Beth is currently a stay home mother taking care of their one-year-old child, which saves them in childcare expenses of $1400 per month. Before having the baby, Beth worked as an early childhood teacher earning $48,000 per year. They know that money has been tight and they have only saved $12,000 in a savings account. Randall and Beth have provided the following information to you: They are currently renting a house for $5,500 per month. They have two cell phones each on Bmobile Elite package $591 per month plans. Power bills are estimated to be $250 per month. Internet and cable plan cost them $475 per month. They spend about $300 per week on incidental expenses like clothing and entertainment. Groceries cost them about $800 per week. The couple also have a car that they bought last year for $180,000 with a 6-year loan with monthly payments of $2,983. The current loan balance is $154,000. Annual auto insurance is $6,000 and routine servicing averages $1,500-$2000 every 6 months. They spend $250 per week on fuel. The car is now worth $150,000. They have $35,000 of personal loan, which they pay $758 per month. They also recently replaced some household appliances and so have hire purchase debt of $30,000, which is costing them $945 per month in repayments for the next 4 years. Both the personal and hire purchase loans have interest rates of 22% p.a. Their two visa cards with credit limits of $20,000 and $10,000 @24% p.a interest are both maxed out so they pay the minimum monthly payments of 5% of the balance on each card. The value of their household items, including their hire purchase items is $60,000. Randall has accumulated $17,500 in his Individual Retirement Unit Account at TTUTC.

Based on the above information:

2. Prepare Randall and Beths personal annual income statement (include tax and statutory deductions).