Question: Given the following information, develop a beginning-of-the-year statement of financial position. Beginning date End date January 1, Client name December 31, 2015 Frank and

Given the following information, develop a beginning-of-the-year statement of financial position. Beginning date End date January 1, Client name December 31, 2015 Frank and

Given the following information, develop a beginning-of-the-year statement of financial position. Beginning date End date January 1, Client name December 31, 2015 Frank and Lois Beginnin Ending Balance Balance Income/Expenses Amount (Yearly) Section 401 (k) plan deferrals Section 401 (k) plan-Frank Section 403(b) plan deferrrals $750 $0 $1,500 $990 Section 403(b) plan-Lois $0 $990 Auto loan Auto loan interest $15,432 $10,436 $381 Auto loan principal $4,996 Auto maintenance $600 Automobile-Frank $20,000 $18,000 Automobile-Lois $5,750 $5,175 Automobile insurance premiums $2,124 Checking $10,000 $15,570 Child support $2,400 Clothing $3,600 Credit card $10,870 $10,417 Credit card payments interest $1,707 Credit card payments principal $453 Entertainment $4,200 FICA and federal income tax (W/H) $11,449 Food $4,800 Furniture/household $36,000 $34,000 Go-cart $0 $1,200 Homeowners insurance premiums $534 Jewelry $6,000 $6,100 Maid/child care $4,800 Mortgage on residence $72,960 $72,164 Mortgage payment interest $5,808 Mortgage payment principal. $796 Personal residence $85,000 $89,250 Property tax (prindpal residence) $850 Reinvestment in savings account/trust $5,675 Salary-Frank $25,000 Salary-Lois $33,000 Savings $13,500 $14,175 Savings account/trust fund interest $5,675 Trust fund $100,00 $105,000 Tuition and education expenses $2,893 Utilities $2,100

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