Question

You are preparing the financial statements for the Johnson family. To begin with you just want to identify each line and indicate where it will be going (e.g. Balance Sheet, Income Statement). Just write Balance Sheet and or Income statement next to each line.

Home Value $549,000
Joint Savings balance $5,400
Tom's 2014 Salary Before Taxes was $78,000
Kate's 2014 Salary Before Taxes was $84,000
Fed income taxes, state income taxes and FICA combined totaled $46,120 (paid)
2014 property taxes were $14,000 (paid)
Mortgage $300,000
House Payment plus insurance per month $2400
Kate bought Microsoft stock in 2012 and they still own it. It's worth $40,0000
Tom's 401k at work has several mutual funds worth a total of $120,000
Tom has a 2002 VW GTI worth about $3,000
Kate has a 2013 Audi S6 worth about $35,000
Car loan on Audi totals is $25,000
Car Payment is $1583
Car insurance for 2014 was $2000 (paid)
Credit Card Balance $4,000
Tom's monthly contribution o his 401k is $1,000
Joint Checing account balance $1,200

Answer 1

Home Value $549,000 - Balance Sheet

Joint Savings balance $5,400 - Balance Sheet

Tom's 2014 Salary Before Taxes was $78,000 - Income Statement

Kate's 2014 Salary Before Taxes was $84,000 - Income Statement

Fed income taxes, state income taxes and FICA combined totaled $46,120 (paid) - Income Statement

2014 property taxes were $14,000 (paid) - Income Statement

Mortgage $300,000 - Balance Sheet

House Payment plus insurance per month $2400 - Income Statement

Kate bought Microsoft stock in 2012 and they still own it. It's worth $40,0000 - Balance Sheet

Tom's 401k at work has several mutual funds worth a total of $120,000 - Balance Sheet

Tom has a 2002 VW GTI worth about $3,000 - Balance Sheet

Kate has a 2013 Audi S6 worth about $35,000 - Balance Sheet

Car loan on Audi totals is $25,000 - Balance Sheet

Car Payment is $1583 - Income Statement

Car insurance for 2014 was $2000 (paid) - Income Statement

Credit Card Balance $4,000 - Balance Sheet

Tom's monthly contribution o his 401k is $1,000 - Income Statement

Joint Checing account balance $1,200 - Balance Sheet