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Please help asap 1. Encik Anang and Puan Kaydee are trying to get ahead financially. Their primary financial objective is to reduce debt and achieve
Please help asap
1. Encik Anang and Puan Kaydee are trying to get ahead financially. Their primary financial objective is to reduce debt and achieve positive cash flow. The couple has a pre-school child and Puan Kaydee is housewife. Encik Anang is the sole breadwinner and earns RM 80,000 annually. Puan Kaydee is interested in returning to the labor force; however, she is concerned if childcare costs and taxes would wipe whatever she earned in future. Due to the overwhelming concern of their financial situation, the couple approaches the Credit Counseling and Debt Management Agency (AKPK) to assist them in preparing their financial statements. The following is their financial information for the year of 2020: Item Annual car insurance Annual dividend received Annual education fees (self) Annual EPF contributions ASTRO bill outstanding PROTON X70 Hire Purchase loan balance Balance in saving account MBB credit card balance Bonus PROTON X70 monthly installment Cash in hand Clothing (current value) Computer IMAC (current value) EPF balance as at 31 December 2020 Family vacation per year Furniture (current value) Semi-D House (market value) Home mortgage loan balance PROTON X70 (market value) Housing loan monthly payment Income tax monthly payment Investment in PUBLIC unit trust Life insurance annual premium Market value of TOP Gloves shares Monthly Groceries Monthly Phone Bill Zakat paid Monthly utilities Bill Monthly parent allowance Amount (RM) 2,400 5,000 5,700 6,000 1,080 60,000 35,000 10,000 2 month's basic salary 1,000 500 9,000 6,000 65,000 5,000 15,000 450,000 200,000 90,000 2,500 500 50,000 1,550 10,000 330 250 5,000 400 1,000 (a) (b) Using the above information, construct a balance sheet as at 31 December 2020 for Encik Anang and Family. (15 marks) Using the information provided, construct a cash flow statement for a financial year ended 31 December 2020 (12 marks)Step by Step Solution
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