Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Total Expenses SURPIUS (DEFICIT) Based on this cash-flow statement, Prabakar and ash for the year. This means that if they accounted for all of their

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Total Expenses SURPIUS (DEFICIT) Based on this cash-flow statement, Prabakar and ash for the year. This means that if they accounted for all of their cash flows in and out, their bank balance should have by from December 31, 2020 to December 31,2021. Based on this cash-flow statement, Prabakar and Gata have a cash for the year. This means that if they accounted for all of their cash flows in and out, their bank balance should have by from December 31, 2020 to December 31, 2021. Cash-flow Statement Name: Prabakar and Gita Jain Date: For the year ended December 31,2021 Dollars INCOME Prabakar's salary Gita's salary Prabakar's bonus Interest and dividends Total Income EXPENDTURES Fixed Expenses Rent expense Prabakar's income taxes Gita's income taxes Automobile loan payment Education loan Phone. Transportation Automobile insurance and registration Total fixed expenses Variable Expenses Food Utilities 27,250 25,888 4,088 5 4,905 4,660 900 5 $,200 Based on this cash.flow statement, Prabakar and Gita have a cash 2,501 for the year. Thas means that if they accounted for all of their cash flows in arid out, their bank balance should have. ty from December 31, 2020 to December 31, 2021. - For income items, they know yearly amounts. For some expenses, they know the annual amount (for example; Gita's annual commater-train pass). They listed those amounts and noted them as such. - Unfortunately, for other expenses, they provided the payment they made last month, stating that the amount doesn't change much from month to month. - Based on their employer-provided health insurance, they incur a copay of $20 per visit. They estamated that they saw the doctor (combined) 4 times during the vear. - Prabakar estimated that he spends about $60 a week on gas and maintenance for their two cars, and he takes out $100 for spending money every week. - Gita estimated that she spends about $100 a week on groceries and $150 a month on clothing. She never has cash and uses her credit cards for everything. - They went on a Princess Cruise that cost $1,975; they took an additional 5900 for spendung. That was their only vacation. the year ended December 31, 2021. (Note: Round percentages to one decimal place, and dollar amounts to the nearest whole dollar. If your answer is negative, use a minus sign.) Prabakar and Gita put together the following worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Raising Venture Capital

Authors: Rupert Pearce, Simon Barnes

1st Edition

0470027576, 978-0470027578

More Books

Students also viewed these Finance questions

Question

3. What is leakage in non-verbal communication?

Answered: 1 week ago