a. Construct a personal income statement for the Humperdinck family using the following information: salaries, $42,000; mortgage

Question:

a. Construct a personal income statement for the Humperdinck family using the following information: salaries, $42,000; mortgage payment, $7,980; food, $2,400; interest income, $150; transportation, $1,200; income, $190; automobile payment, $3,060; clothes and personal, $2,000; student loan payment, $1,700; property taxes, $1,100; utilities, $3,000; insurance, $2,100; income taxes $9,700; and recreation and vacation, $2,000. What is the family's disposable income?
b. Construct a statement of financial position for the Humperdinck family using the following information: cash, $50; checking account, $2,500; student loan balance, $6,000; and bonds, $2,600; savings account, $5,850; residence, $110,000; automobile, $12,000; savings account, $5,800; automobile loan balance, $12,000; 401K retirement account, $15,000; furniture, clothing, jewelry, $8,000; credit card balance, $4,000; and mortgage loan balance, $99,000.
c. Construct an income statement using the following information: net sales, $500,000; salaries, $100,000; rent, $24,000; COGS, $250,000; utilities, $25,000; payroll taxes, $25,000; insurance, $12,000; and interest expense, $5,450. Make sure that you include gross profit, operating expenses, and net profit.
d. George’s Pizzeria has the following information as of December 31,2012: cash, $2,000; pizza ovens, $25,000; furniture, $12,500; accounts payable, $3,500; notes payable, $12,500; accumulated depreciation, $10,000; wages payable, $1,500; taxes payable, $2,500; equipment loan, $18,000. Construct a for George. Do you think he has a problem with his current If so, what is it? Yes, he has a negative equity of $8,500.
e. State the stockholder’s equity of the Alphabet if it has a current net profit of $1,500,000, beginning-of-the-period retained earnings of $3,675,000, 1 million shares of issued at a of $1 per share, and paid-in capital in excess of par of $12.50 per share?
f. State your current cash balance if you have the following information: total cash receipts of $624,000; a cash balance at the end of last year of $60,000; total cash payments of $540,000; cash outflow from investing activities of $100,000; and cash inflows from financial activities of $172,000. Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Stocks
Stocks or shares are generally equity instruments that provide the largest source of raising funds in any public or private listed company's. The instruments are issued on a stock exchange from where a large number of general public who are willing... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...