Ashton and Melody Webb are married and in their mid-20s. Ashton has a good start as...

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Ashton and Melody Webb are married and in their mid-20s. Ashton has a good start as an electrical engineer and Melody works as a sales representative. Since their marriage four years ago, the couple has been living comfortably. Their income has exceeded their expenses and they have accumulated an enviable net worth. This includes $10,000 built up in savings and investments. Because their income has always been more than enough for them to have the lifestyle they desire, the Webb's have done no financial planning. Melody just learned that she's pregnant. She's concerned about how they 'll make ends meet if she quits work after their child is born. Each time she and Ashton discuss the matter, he tells her not to worry because "we've always managed to pay our bills on time." Melody can't understand his attitude because her income will be eliminated. Ashton anticipates a promotion with a 10% pay raise. Melody feels that they should carefully examine their finanical condition in order to do some serious planning. Melody has compiled the following financial information for the year ending December 31, 2023: Salaries Ashton Melody Item Food Take-Home Pay $ 52,500 29,200 Clothing Mortgage payments, including property taxes of $1,400 Travel and entertainment card balances Gas, electric, water expenses Household furnishings Telephone Auto loan balance Common stock investments Bank credit card balances Federal income taxes State income tax Social Security contributions Gross Salary $76,000 42,000 Amount $ 5,902 2,300 11,028 2,000 1,990 4,500 640 4,650 7,500 675 22,472 5,040 902 2,210 Credit card loan payments Cash on hand 2015 Nissan Sentra Medical expenses (unreimbursed) Homeowner's insurance premiums paid (October) Checking account balance Auto insurance premiums paid Transportation Cable television Estimated value of home Trip to Europe (June) Recreation and entertainment Auto loan payments Money market account balance Purchase of common stock Addition to money market account 85 10,500 600 1,300 485 1,600 2,800 680 185,000 5,000 4,000 2,150 2,500 7,500 500 Mortgage on home 148,000 Assingnment: Prepare a Balance Sheet and Income & Expense Statement for Ashton and Melody Webb as of December 31, 2021. Next, prepare a budget for calendar 2024 without Melody's income to help decide whether to quit work after the baby is born. For simplicity, assume Melody has zero income for 2024. Complete the question(s) on each tab below the financial statements. Ashton and Melody Webb are married and in their mid-20s. Ashton has a good start as an electrical engineer and Melody works as a sales representative. Since their marriage four years ago, the couple has been living comfortably. Their income has exceeded their expenses and they have accumulated an enviable net worth. This includes $10,000 built up in savings and investments. Because their income has always been more than enough for them to have the lifestyle they desire, the Webb's have done no financial planning. Melody just learned that she's pregnant. She's concerned about how they 'll make ends meet if she quits work after their child is born. Each time she and Ashton discuss the matter, he tells her not to worry because "we've always managed to pay our bills on time." Melody can't understand his attitude because her income will be eliminated. Ashton anticipates a promotion with a 10% pay raise. Melody feels that they should carefully examine their finanical condition in order to do some serious planning. Melody has compiled the following financial information for the year ending December 31, 2023: Salaries Ashton Melody Item Food Take-Home Pay $ 52,500 29,200 Clothing Mortgage payments, including property taxes of $1,400 Travel and entertainment card balances Gas, electric, water expenses Household furnishings Telephone Auto loan balance Common stock investments Bank credit card balances Federal income taxes State income tax Social Security contributions Gross Salary $76,000 42,000 Amount $ 5,902 2,300 11,028 2,000 1,990 4,500 640 4,650 7,500 675 22,472 5,040 902 2,210 Credit card loan payments Cash on hand 2015 Nissan Sentra Medical expenses (unreimbursed) Homeowner's insurance premiums paid (October) Checking account balance Auto insurance premiums paid Transportation Cable television Estimated value of home Trip to Europe (June) Recreation and entertainment Auto loan payments Money market account balance Purchase of common stock Addition to money market account 85 10,500 600 1,300 485 1,600 2,800 680 185,000 5,000 4,000 2,150 2,500 7,500 500 Mortgage on home 148,000 Assingnment: Prepare a Balance Sheet and Income & Expense Statement for Ashton and Melody Webb as of December 31, 2021. Next, prepare a budget for calendar 2024 without Melody's income to help decide whether to quit work after the baby is born. For simplicity, assume Melody has zero income for 2024. Complete the question(s) on each tab below the financial statements.