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' salary is $46,000 per year. He regularly receives $500 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). 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 dividend income from last year) 5,000 Checking account 1,000 Personal property 4,000 Automobile 11,500 U.S. savings bonds 3,500 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) 6,500 ANNUAL FIXED EXPENSES Amount Auto insurance $ 780 Rent 12,000 Uninsured medical/dental 1,000 Federal income tax 5,600 Social Security taxes 3,500 Health insurance 2,440 ANNUAL VARIABLE EXPENSES Amount Dry cleaning $ 480 Utilities 2,400 iPhone 980 Cable 1,400 Internet 800 Food 3,000 Personal care 420 Gas, maintenance, license 2,120 Clothes 500 Entertainment 2,500 Vacations/visitation/travel 3,000 Child care 5,000 Gifts 400 Miscellaneous 300 Using the information above, construct a balance sheet and a cash-flow statement for Thomas. Round monetary values to the nearest dollar and percentage values to two decimal places. Balance Sheet for Thomas Green Dollars Percent ASSETS Monetary Assets Checking account $ % Money market account % U.S. savings bonds % Total Monetary Assets $ % Tangible Assets Personal property $ % Automobile % Total Tangible Assets $ % Investment Assets Mutual fund $ % Vested retirement benefits % Total Investment Assets $ % TOTAL ASSETS $ % LIABILITIES Short-Term Liabilities Dental bill $ % Visa % Total Short-Term Liabilities $ % Long-Term Liabilities Student loan $ % Total Long-Term Liabilities $ % TOTAL LIABILITIES $ % NET WORTH $ % TOTAL LIABILITIES AND NET WORTH $ % Cash-Flow Statement for Thomas Green Dollars Percent INCOME Thomas' salary $ % Child support % Interest and dividends % TOTAL INCOME $ % EXPENDITURES Fixed Expenses Rent $ % Mutual fund % U.S. savings bond % Health insurance % Auto insurance % Uninsured medical/dental % Taxes % Debt payments % Total Fixed Expenses $ % Variable Expenses Food $ % Utilities % iPhone % Cable % Internet % Gas, maintenance, license % Dry cleaning % Personal care % Child care % Clothes % Entertainment % Vacation/visitation/travel % Gifts % Miscellaneous % Total Variable Expenses $ % TOTAL EXPENSES $ % NET GAIN $ % business accounting

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' salary is $46,000 per year. He regularly receives $500 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). 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 dividend income from last year) 5,000 Checking account 1,000 Personal property 4,000 Automobile 11,500 U.S. savings bonds 3,500 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) 6,500 ANNUAL FIXED EXPENSES Amount Auto insurance $ 780 Rent 12,000 Uninsured medical/dental 1,000 Federal income tax 5,600 Social Security taxes 3,500 Health insurance 2,440 ANNUAL VARIABLE EXPENSES Amount Dry cleaning $ 480 Utilities 2,400 iPhone 980 Cable 1,400 Internet 800 Food 3,000 Personal care 420 Gas, maintenance, license 2,120 Clothes 500 Entertainment 2,500 Vacations/visitation/travel 3,000 Child care 5,000 Gifts 400 Miscellaneous 300 Using the information above, construct a balance sheet and a cash-flow statement for Thomas. Round monetary values to the nearest dollar and percentage values to two decimal places. Balance Sheet for Thomas Green Dollars Percent ASSETS Monetary Assets Checking account $ % Money market account % U.S. savings bonds % Total Monetary Assets $ % Tangible Assets Personal property $ % Automobile % Total Tangible Assets $ % Investment Assets Mutual fund $ % Vested retirement benefits % Total Investment Assets $ % TOTAL ASSETS $ % LIABILITIES Short-Term Liabilities Dental bill $ % Visa % Total Short-Term Liabilities $ % Long-Term Liabilities Student loan $ % Total Long-Term Liabilities $ % TOTAL LIABILITIES $ % NET WORTH $ % TOTAL LIABILITIES AND NET WORTH $ % Cash-Flow Statement for Thomas Green Dollars Percent INCOME Thomas' salary $ % Child support % Interest and dividends % TOTAL INCOME $ % EXPENDITURES Fixed Expenses Rent $ % Mutual fund % U.S. savings bond % Health insurance % Auto insurance % Uninsured medical/dental % Taxes % Debt payments % Total Fixed Expenses $ % Variable Expenses Food $ % Utilities % iPhone % Cable % Internet % Gas, maintenance, license % Dry cleaning % Personal care % Child care % Clothes % Entertainment % Vacation/visitation/travel % Gifts % Miscellaneous % Total Variable Expenses $ % TOTAL EXPENSES $ % NET GAIN $ % business accounting

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

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 dividend income from last year)	5,000
Checking account	1,000
Personal property	4,000
Automobile	11,500
U.S. savings bonds	3,500

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)	6,500

ANNUAL FIXED EXPENSES	Amount
Auto insurance	$ 780
Rent	12,000
Uninsured medical/dental	1,000
Federal income tax	5,600
Social Security taxes	3,500
Health insurance	2,440
ANNUAL VARIABLE EXPENSES	Amount
Dry cleaning	$ 480
Utilities	2,400
iPhone	980
Cable	1,400
Internet	800
Food	3,000
Personal care	420
Gas, maintenance, license	2,120
Clothes	500
Entertainment	2,500
Vacations/visitation/travel	3,000
Child care	5,000
Gifts	400
Miscellaneous	300

Using the information above, construct a balance sheet and a cash-flow statement for Thomas. Round monetary values to the nearest dollar and percentage values to two decimal places.

Balance Sheet for Thomas Green
	Dollars	Percent
ASSETS
Monetary Assets
Checking account	$		%
Money market account			%
U.S. savings bonds			%
Total Monetary Assets		$		%
Tangible Assets
Personal property	$		%
Automobile			%
Total Tangible Assets		$		%
Investment Assets
Mutual fund	$		%
Vested retirement benefits			%
Total Investment Assets		$		%
TOTAL ASSETS		$		%
LIABILITIES
Short-Term Liabilities
Dental bill	$		%
Visa			%
Total Short-Term Liabilities		$		%
Long-Term Liabilities
Student loan	$		%
Total Long-Term Liabilities		$		%
TOTAL LIABILITIES		$		%
NET WORTH		$		%
TOTAL LIABILITIES AND NET WORTH		$		%

Cash-Flow Statement for Thomas Green
	Dollars	Percent
INCOME
Thomas' salary	$		%
Child support			%
Interest and dividends			%
TOTAL INCOME		$		%
EXPENDITURES
Fixed Expenses
Rent	$		%
Mutual fund			%
U.S. savings bond			%
Health insurance			%
Auto insurance			%
Uninsured medical/dental			%
Taxes			%
Debt payments			%
Total Fixed Expenses		$		%
Variable Expenses
Food	$		%
Utilities			%
iPhone			%
Cable			%
Internet			%
Gas, maintenance, license			%
Dry cleaning			%
Personal care			%
Child care			%
Clothes			%
Entertainment			%
Vacation/visitation/travel			%
Gifts			%
Miscellaneous			%
Total Variable Expenses		$		%
TOTAL EXPENSES		$		%
NET GAIN		$		%

business accounting

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Follow-up Questions

Read through expert solutions to related follow-up questions below.

Follow-up Question

How do you calvulate the percentage?

Solution

by Bartleby Expert

SEE SOLUTION

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.