a. Safri and Hanni have been married for 5 years. They own a condominium in Petaling Jaya,
Question:
a. Safri and Hanni have been married for 5 years. They own a condominium in Petaling Jaya, and have no children. Safri is 28 and Hanni is 26 years old respectively. Both have set their long term financial goal 34 years from now for their retirement. Safri has just completed his final year as an engineer, now, working in an manufacturing company. Hanni, an MBA graduate is working at a local advertising company. Both love to travel and enjoy water sports. Before they plan to have children, they want to ensure that they are financially stable and have set up their children’s education fund as well and meet all their short and medium goals. They have decided to compile a list of their expenses so that they can see clearly. Below are information of their expenses so they can have a regular savings program:-
i. Prepare the couple’s balance sheet for the year ended 31 December 2020
ii. Prepare the couple’s income statement for the year ended 31 December 2020
iii. Analyze the couple’s financial performance by applying personal finance ratios.
Income Tax Fundamentals 2015
ISBN: 9781305177772
33rd edition
Authors: Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill