Marcel Yang is a young college graduate who did not take a planning course. personal finance. Now her finances are a problem. She has come to you so that you prepare her basic personal financial statements. Marcel Yang has provided you with the following information: Prepare Income and Balance Sheet Info: Take-Home Pay=4,100 Visa Monthly Payment=255 Stocks=2,700 Money Market Acct=500 Apple Card Monthly Payment=440 Mortgage Monthly Payment=525 Phone=80 Cable=65 Mutual Funds=1,800 IRA=2500 Car Monthly Payment=320 Electricity Payment=125 Water Payment=50 Savings Acct=1,000 Check Acct Balance=850 Car Insurance Monthly=425 Apartment Value=90,000 Food (Monthly)=725 Car Value=7000 Furniture Value=2000 Comics Collection=500 Mortgage=85000 Balance Auto Loan=4500 Other property=800 other Monthly expenses=150 Apple Card Balance=5000 Visa Card Balance=3500 Macys Card Balance=1500 Macys Card Monthly Payment=100 Life Insurance Value=50000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Marcel Yang is a young college graduate who did not take a planning course. personal finance. Now her finances are a problem. She has come to you so that you prepare her basic personal financial statements. Marcel Yang has provided you with the following information: Prepare Income and Balance Sheet Info: Take-Home Pay=4,100 Visa Monthly Payment=255 Stocks=2,700 Money Market Acct=500 Apple Card Monthly Payment=440 Mortgage Monthly Payment=525 Phone=80 Cable=65 Mutual Funds=1,800 IRA=2500 Car Monthly Payment=320 Electricity Payment=125 Water Payment=50 Savings Acct=1,000 Check Acct Balance=850 Car Insurance Monthly=425 Apartment Value=90,000 Food (Monthly)=725 Car Value=7000 Furniture Value=2000 Comics Collection=500 Mortgage=85000 Balance Auto Loan=4500 Other property=800 other Monthly expenses=150 Apple Card Balance=5000 Visa Card Balance=3500 Macys Card Balance=1500 Macys Card Monthly Payment=100 Life Insurance Value=50000
Expert Solution
steps

Step by step

Solved in 3 steps with 6 images

Blurred answer
Knowledge Booster
Morals and Ethics
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education