Create a balance sheet as of December 31st, 2014 and a cash flow statement for the three months
ending 12/31/14 using the following information. Assume bills are paid in current month unless
otherwise indicated.
Take home salary received each week is $450
Utility (electric/gas/water) bills in October were $165, November $195, and December
$200.
Bought presents and clothes for $110 in September, $140 in October, $350 in November.
o All purchases we’re on credit and paid in the following month.
Credit limit on credit card is $3000.
Interest earned on savings during October, November, and December was $5
Balance in savings account 12/31/14 was $0.
Car payment of $250 was paid each month.
Car loan outstanding at 12/31/14 is $6000. Car has depreciated $4000 bye 12/31/14.
Paid car and home insurance for $330 on October 1.
Mortgage is $700 per month.
Borrowed a friend’s leaf blower for a week in November.
401k value per 12/31/14 statement is $2000.
Own home which was purchased for $100,000 (mortgage outstanding at 12/31/14 is
$87,000).
Withdrew $50 from ATM machine on December 12.
Received cash gift of $75 in December and spent it on miscellaneous items.
Car was purchased for $10,000 last year.
Furniture, clothing, etc. worth approximately $20,000.
Phone bill was $30 per month.
Spending at supermarkets and restaurants was $1200 for October, November, and
December.
Flew to visit family for the holidays, airfare was $340.
Miscellaneous expenses for October through December were $300 (gas for car, haircuts,
newspapers, etc.)
Portion of dentist bill not paid by insurance was $60 in November.
