Thomas Green, of Laramie, Wyoming, has been a retail salesclerk for six years. At age 35, he

Question:

Thomas Green, of Laramie, Wyoming, has been a retail salesclerk for six years. At age 35, he is divorced with one child, Amanda, age 7. Thomas's salary is $46,000 per year. He regularly receives $400 per month for child support from Amanda's mother. Thomas invests $100 each month ($50 in his mutual fund and $50 in U.S. savings bonds). Using the following information, construct a and a cash-flow statement for Thomas.
ASSETS Amount
Vested retirement benefits (no employee contribution)...........................$6,000
Money market account (includes $150 of interest earned last year) ..............5,000
Mutual fund (includes $200 of reinvested income from last year).....5,000
Checking account........................................................................1,000
Personal property........................................................................5,000
Automobile..............................................................................12,000
U.S. savings bonds.......................................................................3,000
LIABILITIES Outstanding Balance
Dental bill (pays $25 per month and is included in uninsured medical/dental).........$ 450
Visa (pays $100 per month) ...................................................................3,500
Student loan (pays $100 per month) .........................................................7,500
ANNUAL FIXED EXPENSES Amount
Auto insurance............................................................................$ 780
Rent.......................................................................................12,000
Utilities.....................................................................................2,400
iPhone........................................................................................980
Cable........................................................................................1400
Internet.......................................................................................800
Food.......................................................................................3,v000
Uninsured medical/dental................................................................1,000
ANNUAL VARIABLE EXPENSES Amount
Dry cleaning......................................................................$ 480
Personal care........................................................................420
Gas, maintenance, license.......................................................2,120
Clothes...............................................................................500
Entertainment......................................................................2,700
Vacations/visitation/travel.......................................................3,300
Child care..........................................................................5,000
Gifts..................................................................................400
Miscellaneous........................................................................300
Federal income tax...............................................................5,600
Social Security taxes.............................................................3,500
Health insurance..................................................................2,440
Balance Sheet
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