1. Given the personal cash flow statement in Table 3-2, use your own data to determine your disposable income at the end of the current year. Please include income from all sources, fixed expenses, and variable expenses. 2. Given the statement of financial position in Table 3-4, use your own data to determine your net worth. Make sure that student loans are included in liabilities, if applicable. 3. The Happy Auto Shop has the following annual information gross sales. $700,000, net sales. $696,000; and gross profit, S448,000. What are the shop's returns and allowances and cost of goods sold? 4. 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 dividend 560,740 TABLE 3-2 Jones Family, Personal Income Statement The Tom Jones Family Personal Income Statement (Cash Flow Statement) January 1, 2013, to December 31, 2013 INCOME Salaries $60.000 Interest Income 740 TOTAL INCOME FIXED EXPENSES Mortgage Payment $9,600 Automobile Payment 5,040 Property Taxes 1.235 Insurance 4.500 Income Taxes 5,032 Savings & Investment 1.200 Personal Loan Payment 900 TOTAL FIXED EXPENSES $27,507 VARIABLE EXPENSES Food $5,485 Transportation 2,500 Utilities 1.800 Clothes & Personal 2.700 Recreation & Vacation 2.780 TOTAL VARIABLE EXPENSES $15.265 TOTAL EXPENSES (Cash Balance at the end of the year) $42.772 $17966 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, 89,700; and recreation and vacation, $2,000. What is the family's disposable income? 5. Construct a statement of financial position (balance sheet) for the Humperdinck family using the following information: cash, $50; checking account, $2,500: student loan balance, S6,000; stocks and bonds, $2,600; savings account. $5,850; residence, $110,000: automobile, $12,000), savings account, $5,800, automobile loan balance, $12,000; 401(k) retirement account, $15,000; furniture, clothing, jewelry, 88,000 credit card balance. $4,000; and mortgage loan balance. $99.000 6. Construct an income statement using the following information: net sales, $500,000; salaries. S100,000, rent, $24,000; COGS, 5250,000; utilities, $25,000; payroll taxes, $25,000; insurance, 812,000, and interest expense, $5,450. Make sure that you include gross profit, operating expenses, and net profit. 1. Given the personal cash flow statement in Table 3-2, use your own data to determine your disposable income at the end of the current year. Please include income from all sources, fixed expenses, and variable expenses. 2. Given the statement of financial position in Table 3-4, use your own data to determine your net worth. Make sure that student loans are included in liabilities, if applicable. 3. The Happy Auto Shop has the following annual information gross sales. $700,000, net sales. $696,000; and gross profit, S448,000. What are the shop's returns and allowances and cost of goods sold? 4. 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 dividend 560,740 TABLE 3-2 Jones Family, Personal Income Statement The Tom Jones Family Personal Income Statement (Cash Flow Statement) January 1, 2013, to December 31, 2013 INCOME Salaries $60.000 Interest Income 740 TOTAL INCOME FIXED EXPENSES Mortgage Payment $9,600 Automobile Payment 5,040 Property Taxes 1.235 Insurance 4.500 Income Taxes 5,032 Savings & Investment 1.200 Personal Loan Payment 900 TOTAL FIXED EXPENSES $27,507 VARIABLE EXPENSES Food $5,485 Transportation 2,500 Utilities 1.800 Clothes & Personal 2.700 Recreation & Vacation 2.780 TOTAL VARIABLE EXPENSES $15.265 TOTAL EXPENSES (Cash Balance at the end of the year) $42.772 $17966 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, 89,700; and recreation and vacation, $2,000. What is the family's disposable income? 5. Construct a statement of financial position (balance sheet) for the Humperdinck family using the following information: cash, $50; checking account, $2,500: student loan balance, S6,000; stocks and bonds, $2,600; savings account. $5,850; residence, $110,000: automobile, $12,000), savings account, $5,800, automobile loan balance, $12,000; 401(k) retirement account, $15,000; furniture, clothing, jewelry, 88,000 credit card balance. $4,000; and mortgage loan balance. $99.000 6. Construct an income statement using the following information: net sales, $500,000; salaries. S100,000, rent, $24,000; COGS, 5250,000; utilities, $25,000; payroll taxes, $25,000; insurance, 812,000, and interest expense, $5,450. Make sure that you include gross profit, operating expenses, and net profit