Question
Use the following information to develop a beginning Statement of Financial Position (Balance Sheet) and a Cash Flow Statement. Category Market Value Pension - $15,432
Use the following information to develop a beginning Statement of Financial Position (Balance Sheet) and a Cash Flow Statement.
Category Market Value
Pension - $15,432
Auto - Frank - $20,000
Auto - Lois - $5,750
Auto Loan - Interest - $381
Auto Loan -Principal - $4,996
Auto Maintenance - $600
Auto Insurance - Premiums - $2,124
Checking Account - $10,000
Credit Card Balance - $10,870
Credit Card -Interest - $1,707
Credit Card - Principal Payment - $453
Furniture/Fixtures - $36,000
Jewelry - $6,000
Mortgage- Residence - $172,960
Mortgage - Interest Payment - $5,808
Mortgage - Principal Payment - $796
House - $225,000
Homeowner's Insurance Premiums - $534
Savings - $13,500
Trust Fund - $100,000
Clothing purchases - $3,600
FICA Taxes - $11,449
Food - $4,800
Child Care - $4,800
Salary - Frank - $50,000
Salary - Lois - $50,000
Utilities - $2,893
Entertainment - $4,200
Child Support - $2,400
Miscellaneous Expense - $2,100
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Corporate Finance
Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe, Gordon Roberts, Hamdi Driss
8th Canadian Edition
01259270114, 9781259270116
