FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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   
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