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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Develop a 12/31/2018 Balance Sheet 2. Develop a 2018 Income Statement with 4 distinct sections - Income, Savings, Taxes, Expenses Year: 2018 401(k) Contribution 401(k) Frank 403(b) Contribution 403(b)-Lois Joint brokerage account Auto Loan Auto Loan Interest Auto Loan Principal Auto Maintenance Automobile - Frank Automobile - Lois Automobile Insurance Premiums Checking Interest Income from checking a/c Child - Private School Tuition Clothing Credit Card Credit Card Payments Interest Credit Card Payments Principal Entertainment Federal Income Tax (W/H) FICA Food Furniture / Household Homeowners Insurance Premiums Jewelry Alimony to Frank's ex wife Maid Mortgage on Residence Mortgage Payment Interest Mortgage Payment Principal Personal Residence Property Tax (Principal Residence) Gross Salary-Frank Gross Salary-Lois Savings Utilities Ending Balance $322,000 $388,000 $39,000 $10,000 $18,000 $25,000 $45,000 $11,000 $34,000 $26,000 $268,000 $405,000 $16,000 Income/Expenses Amount (Yearly) $12,000 $11,000 $1,000 $5,000 $2,500 $4,000 $1,200 $8,000 $5,000 $2,000 $1,000 $24,000 $37,000 $14,000 $10,000 $1,500 $4,000 $6,000 $16,000 $3,000 $5,000 $91,000 $92,000 $9,000
Transcribed Image Text:1. Develop a 12/31/2018 Balance Sheet 2. Develop a 2018 Income Statement with 4 distinct sections - Income, Savings, Taxes, Expenses Year: 2018 401(k) Contribution 401(k) Frank 403(b) Contribution 403(b)-Lois Joint brokerage account Auto Loan Auto Loan Interest Auto Loan Principal Auto Maintenance Automobile - Frank Automobile - Lois Automobile Insurance Premiums Checking Interest Income from checking a/c Child - Private School Tuition Clothing Credit Card Credit Card Payments Interest Credit Card Payments Principal Entertainment Federal Income Tax (W/H) FICA Food Furniture / Household Homeowners Insurance Premiums Jewelry Alimony to Frank's ex wife Maid Mortgage on Residence Mortgage Payment Interest Mortgage Payment Principal Personal Residence Property Tax (Principal Residence) Gross Salary-Frank Gross Salary-Lois Savings Utilities Ending Balance $322,000 $388,000 $39,000 $10,000 $18,000 $25,000 $45,000 $11,000 $34,000 $26,000 $268,000 $405,000 $16,000 Income/Expenses Amount (Yearly) $12,000 $11,000 $1,000 $5,000 $2,500 $4,000 $1,200 $8,000 $5,000 $2,000 $1,000 $24,000 $37,000 $14,000 $10,000 $1,500 $4,000 $6,000 $16,000 $3,000 $5,000 $91,000 $92,000 $9,000
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