Prepare a personal income statement and Balance Sheet.

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Income Statement:

Revenues:
Salary/Wages $50,000
Interest Income $500
Investment Income $2,500
Total Revenues $53,000

Expenses:
Rent/Mortgage $1,400
Utilities $800
Groceries & Supplies $1,200 Insurance (Health and Auto)$700 Entertainment$500 Total Expenses$4,600

Net Income Before Taxes$48,400

Taxes (25%) 12,100

Net Income After Taxes$36,300

Balance Sheet: Assets : Cash & Equivalents$30,000 Investments & Securities$3.000 Home Equity$170.000 Total Assets203.000 Liabilities : Credit Card Debt-$5.00 Mortgage Debt-$150.00 Other Loans-0 Total Liabilities -155.00 Net Worth 48300