1. Construct a personal income statement (cash flow statement) for the Smith family using the following information: salaries, $42,000; mortgage payment, $7,980; food, $2,400; interest income, $150; transportation, $1,200; dividend 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?

Smith Family Personal Income Statement (Cash Flow Statement)(No time frame in problem)

Income

TOTAL INCOME $

Fixed Expenses

TOTAL FIXED EXPENSES $

Variable Expenses

TOTAL VARIABLE EXPENSES $

TOTAL EXPENSES $

(Cash Balance at the end of the year) $