Prepare an Income (Cash Flow) Statement based on the data provided above and enter total amounts in the boxes below.
Alex (age 36) and Maria (age 38) have been married for 12 years and they have three children Jose Show more Alex (age 36) and Maria (age 38) have been married for 12 years and they have three children Jose (age 10) Anna (age 12) and Caridad (age 14). The Smiths live at 5389 East Red Hawk Drive Jacksonville Florida. Alex currently works as an assistant manager at a department store where his salary last year was $65300. Marias substitute teaching only added $2000 last year to their income. Last year Alex did 15 tax returns for others and made $1500. They own a house with a 30-year $302000 mortgage at 6%. Their monthly principal and interest payment is $1810. The house was appraised at $350000 and they currently owe $300000. Alex and Maria have $3000 in a jointly held savings account at a local bank. They have jointly owned personal propertyclothing jewelry furniture etc.valued at $45000. Maria just inherited antiques worth $23000. Alex has a car with a 5-year loan at 9% and his monthly payment is $560. The car is currently valued at $8000 and the balance on the note is $15000. Maria has a minivan financed over five years at 9%. Her monthly payment is $622. The van is valued at $13000 and the balance on the note is $20000. Maria has a rollover IRA worth $25000. The IRA holds: $10000 in an S&P 500 Index Fund and $15000 in an Intermediate Term Bond Fund. They have another $20000 on their credit cards. Annual household expenses include: Property Tax $2785 Homeowners Insurance $350 Utilities $1200 Telephone $745 Auto Insurance $925 Credit Card Payments $3872 Cancer Insurance Policy $600 Income Taxes $11850 Food $3620 Medical/Dental $3800 Clothing/Personal Care $980 Gas / Oil / Maintenance $1097 Entertainment/Vacation $1072 1. Prepare an Income (Cash Flow) Statement based on the data provided above and enter total amounts in the boxes below. TOTAL Cash Inflows: TOTAL Fixed Outflows: Total Variable Outflows: PLEASE SHOW ALL WORK! Show less
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