Balance sheet generation

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.
Balance Sheet as of 12/31/14
ASSETS LIABILITIES
$ $
$ $
$ $
$ $
$ $
$ $
$ $
NET WORTH $
TOTAL $ TOTAL $
Cash Flow – 4th Quarter 2014
Sources of Cash
$
$
$
$
$
$
$
$
$
$
Uses of Cash
$
$
$
$
$
$
$
$
$
$
Cash generated (used) $

 

 

 

 

Sample Solution

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