prepare a balance sheet and income statement for john smith for the month of december 2021

John Smith recorded the following financial information about what he owns and what he owes as of December 31, 2021, as well as the details of his income and spending during the month of December 2021 . . $3800 monthly income from full-time job $700 income in December from odd jobs as a mechanic $1100 monthly mortgage payment $182,000 total balance remaining on mortgage loan at end of the month Owns house appraised at $220,000 market value w $110 monthly home insurance payment $220 monthly bills for hydro and gas (for home) $270 monthly bills for cell phone, internet, and TV $1600 total balance owing on credit card at end of the month $70 paid towards credit card balance during the month $740 for groceries and eating out during the month $210 on clothes during the month Owns truck (fully paid oft) worth $18,000 current market value S120 on gas for truck $70 on insurance for truck $800 cash in bank account at end of the month Owns mutual funds worth $5500 Monthly student loan repayment of S120 Student loan remaining balance of $9000 at end of the month . . Exercise 1 Use this information to prepare a Balance Sheet for John Smith for the date of December 31, 2021