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Deon and Keyshia Wallace have been married for two years. They have been trying to save but feel that there is never anything leftover after expenses. Keyshia is taking a night course on personal finance, and she suggested that they prepare a cash-flow statement for the year ended December 31, 2016 Use the worksheet that Deon and Keyshia provided plus the additional information to fill in the missing amounts on the Wallaces cash-flow statement for the year ended December 31, 2016.

Cash-Flow Statement Deon and Keyshia put together the following worksheet Name: Deon and Keyshia Wallace Date: For the year ended December 31, 2016 Cash received & income taxes: Deons salary Keyshias salary Deons bonus IBM dividend Savings interest Income taxes: Deon Keyshia Cash payments $25,000 Rent $1,250 165 900 315 330 220 105 Dollars Percent 23,750 School Loan INCOME Deons salary Keyshias salary Deons Bonus Interest and dividends Total Income 3,750 23 19 Train pass (year) Car loan payment Auto insurance (year) Central Maine Power 4,500 T-Mobile 4,275 EXPENDITURES Fixed Expenses Rent expense Deons income taxes Keyshias income taxes Automobile loan payment Education loan Phone Transportation Automobile insurance and registration Total fixed expenses Here is some additional information: For income items, they know yearly amounts. For some expenses they know the annual amount (for example, Keyshias annual commuter-train pass). They listed those amounts and noted them as such Unfortunately, for other expenses, they provided the payment they made last month, stating that the amount doesnt change much from month to month . Based on their employer-provided health insurance, they incur a copay of $15 per visit. They estimated that they saw the doctor (combined) three times during the year . Deon estimated that he spends about $60 a week on gas and Variable Expenses Food Utilities Gasoline and maintenance Vacations Clothing Miscellaneous (Deons withdrawals) maintenance for their two cars, and he takes out $100 for spending money every week Keyshia estimated that she spends about $100 a week on groceries and $175 a month on clothing. She never has cash and uses her credit cards for everything They went on a Norwegian Cruise that cost $1,750; they took an additional $500 for spending. That was their only vacation

Miscellaneous (Deons withdrawals) Medical expenses Total variable expenses Total Expenses SURPLUS (DEFICIT) aditional $500 for spending. That was their only vacation. Based on this cash-flow statement, Deon and Keyshia have a cash out, their bank balance should have for the year. This means that if they accounted for all of their cash flows in and by from December 31, 2015 to December 31, 2016

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Answer #1

have a cash SURPLUS

Bank balance should Increase by $22567

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