Question: Please use the following financial data you have compiled for your client as of 12/31/2019 to complete the Statement of Financial Position and Income Statement





Please use the following financial data you have compiled for your client as of 12/31/2019 to complete the Statement of Financial Position and Income Statement (all the monthly or annual expenses occurred in 2019). Please help to fill in the missing items in the statements (please only enter numbers, NO comma in the numbers): Clients name: John and Mary Age: 40 Annual salary $180,000 Checking account balance $2,000 Home $550,000 Stock A purchase cost: $46,000 current market value: $35,300 10-year Bond B purchase cost: $3,000 current market value: $3,500 Mortgage balance $255,245, expect to reduce $19,000 in principal and pay $4,870 interest in the coming year Furniture and appliances $20,050 Painting collection $4,000 401(k) plan balance $45,000 Car 1 market value: $25,000 Car 1 loan balance $6,000, plan to pay off the car loan in the coming year Car 2 market value: $3,000 Monthly contribution to 401(k) account: $1000, employer match $150 Monthly utilities: $300 Entertainment per year: $4,000 Food expenses per month: $1,200 Annual Personal Residence insurance: $1,200 Annual life insurance premium: $1,300 Annual auto insurance premium: $750 Federal income taxes (2019): $42,800 State income taxes (2019): $15,800 Social security taxes (2019): $11,160 Property tax on personal residence (2019): $5,500 Annual auto loan payment in 2019 (incl. both interest and principal) for car 1: $6,200 Statement of Financial Position John and Mary Statement of Financial Position as of 12/31/2019 Assets Liabilities and Net Worth Current Assets Current Liabilities Checking account 2000 Mortgage Car loan Total Current Liabilities Total Current Assets 2000 Investment Assets Long-Term Liabilities Stock A Mortgage 10-year bond B 3500 Total Long-Term Liabilities Total Investment Assets Personal Assets Furniture and appliances 20050 Car 1 Car 2 3000 Home Total Liabilities Total Personal Assets Total Net Worth Total Liabilities and Net Worth Total Assets Income Statement John and Mary 1/1/2019-12/31/2019 Cash Inflows Annual salary 180000 Total cash inflows 180000 Cash Outflows Savings 401(k) contribution Total Savings Debt Payments Auto loan Mortgage Total Debt Payments Living Expenses Entertainment 4000 Utilities Total Living Expenses Insurance Payments Life insurance $ 1300 Personal residence insurance 1200 Auto insurance . 750 Total Insurance Payments 3250 Taxes Federal income tax Social security tax State income tax 42800 11160 15800 Living Laponists Entertainment 4000 Utilities Total Living Expenses Insurance Payments Life insurance 1300 1200 Personal residence insurance Auto insurance 750 Total Insurance Payments 3250 Taxes 42800 Federal income tax Social security tax 11160 State income tax 15800 Total Taxes Total Savings, Expenses and Taxes Net Discretionary Cash Flow
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