Project You will prepare a cash flow statement for your day-to-day life. These items will include things that you earn as well as what you must pay out. Use the items below to complete your cash flow statement. Medical insurance: ) Gross income: LT Rent: $350 Car payment: $175 Taxes out of your Ilpaycheck: (Federal, State, Social Security): $375 Present for your mom's birthday: 10 Go to the movies: Utilities: $140 12 Replace flat tire: SY{0) Deposit to savings: Dinner out with 0 Y New clothes: $75 Below is a sample of how you may want to lay out your cash flow statement. You do not need to use this exactly. This was created using an Excel spreadsheet. This can be handy when you want to create formulas. But any format you choose to use simply needs to break down income and expenses (fixed and variable) and included totals for each. Additionally, it should indicate whether you have a surplus (money left over) or a deficit (not enough money to pay for everything). If there is a deficit, the amount should be in parentheses (this is a standard accounting format to indicate a negative number). | e e cer e Gifts Gifts Deposits to savings Miscellaneous Total Variable Expenses Total Expenses Surplus or (Deficit) Your cash flow statement must show the right amounts reflected in the right place to get an accurate surplus or deficit. In a separate document, analyze your cash flow. This should be written in an essay format and address the following questions: Did your cash flow indicate a surplus or a deficit? If there was a surplus, how could you best use it to increase your cash flow next month? If there was a deficit, what changes could you make so that it becomes a surplus? Are there ways to increase your cash flow What are they? What does your result tell you about your monthly cash flow