Personal Balance Sheet and Cash Flow statement Review.
Mike and Lori have found out that your are in Mr. Prosser’s Personal Finance class and need help with their finances. The have both come to you with a bunch of receipts that they have totaled for your but they want you to help them make a balance sheet and cash flow statement for each of them.
Directions:
Using what you have learned and your textbook if you would like. Place the given information in the appropriate financial sheet. Use the examples on pages 66 and 70 of the textbook. You may use a spreadsheet to do this, or Microsoft word. You do not need to use the lines like in the textbook, but I would like you to use Bold, and underline like you see in the textbook.
Here is what you have for Mikes box of information.
Mikes take home pay is $700
He has savings account interest of $15
His pays a mortgage of $95,000
He pays $70 cable bill
He has a house valued at $100,000
He spends $125 on recreation each month
Saving Account Balance $8000
He owns a car that is valued at $22,000
He has a car loan at $12,000
Checking Account Balance of $5000
He has a computer that has a value of $1200
He spends $200 a month on clothing
He has a bunch of baseball cards valued at $500
He has furniture at $700
He has a 401(k) valued at $30,000
Mike has Medical bills and a credit card balance at $1,300 for each
He spends $100 a month on takeout food
Cash Flow StatementMikes Cash Flow Statement
Income (Cash Inflow)
Take Home Pay
Allowance
Savings Account Interest
Total Income
Expenses (Cash Outflow)
Fixed Expenses (cable TV etc…..)
Variable Expenses (recreation, clothing, take-out food)
Total Expenses
Net Cash Flow
Here is Lori’s numbers
Lori’s take home pay is $500
She has savings account interest of $10
Hers pays a mortgage of $12,000
She pays $85 cable bill
She has a house valued at $96000
She spends $75 on recreation each month
Savings account balance $2000
She owns a car that is valued at $25,000
She has a car loan at $20,000
Checking account balance of $7000
She has a computer that has a value of $500
She spends $250 a month on clothing
She has a silverware collection valued at $1000
She has furniture at $1200
She has a 401(k) valued at $32,000
Lori has Medical bills at $300
Credit Card balance at $1200
She spends $70 a month on takeout food
Cash Flow StatementLori's Cash Flow Statement
Income (Cash Inflow)
Take Home Pay
Allowance
Savings Account Interest
Total Income
Expenses (Cash Outflow)
Fixed Expenses (cable TV etc…..)
Variable Expenses (recreation, clothing, take-out food)
Total Expenses
Net Cash Flow