Thomas Green, of Laramie, Wyoming, has been a retail salesclerk for six years. At age 35, he is divorced with one child, Amanda, age 7. Thomas’s salary is $46,000 per year. He regularly receives $400 per month for child support from Amanda’s mother. Thomas invests $
100 each month ($50 in his mutual fund and $50 in U.S. savings bonds). Using the following information, construct a balance sheet and a cash-flow statement for Thomas.
ASSETS Amount
Vested retirement benefits (no employee contribution)………………………$6,000
Money market account (includes $150 of interest earned last year) …………..5,000
Mutual fund (includes $200 of reinvested dividend income from last year)…..5,000
Checking account………………………………………………………………1,000
Personal property………………………………………………………………5,000
Automobile……………………………………………………………………12,000
U.S. savings bonds……………………………………………………………..3,000
LIABILITIES Outstanding Balance