Question: Exercise 3: Despite Terry's arguments, Evelyn feels that they should carefully examine their financial condition in order to do some serious planning. She has gathered

Exercise 3: Despite Terry's arguments, Evelyn feels that they should carefully

Exercise 3: Despite Terry's arguments, Evelyn feels that they should carefully examine their financial condition in order to do some serious planning. She has gathered the following financial information for the year ending December 31, 2020: Amount OMR 5902 2300 11028 2000 1990 4500 640 Salaries Take-home Pay Gross Salary Terry OMR 52500 OMR 76000 Evelyn 29200 42000 Item Food Clothing Mortgage payments, including property taxes of OMR1400 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 Credit card loan payments Cash on hand 2012 Nissan Sentra Medical expenses (unreimbursed) Homeowner's insurance premiums paid Checking account balance Auto insurance premiums paid Transportation Cable television Estimated value of home Trip to Europe Recreation and entertainment Auto loan payments Money market account balance Purchase of common stock Addition to money market account Mortgage on home 4650 7500 675 22472 5040 9027 2210 85 10500 600 1300 485 1600 2800 680 185000 5000 4000 2150 2500 7500 500 148000 Critical Thinking Questions 1. Using this information construct the balance sheet and income and expense statement for the year ending December 31, 2020

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