Annual set of financial statements

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Reference no: EM131012685

Maria and John Sanchez have just completed their third annual set of financial statements. They met in a personal finance class at State University and still remember their instructor's advice regarding the importance of knowing their financial condition and progress. Even before they got married, they decided that each year on February 2 (Groundhog Day) they would update their income and expense statement and their balance sheet.

The following information is taken from their latest financial statements:

Monetary assets $4,060
Tangible assets $35,800
Investment assets $15,005
Short-term liabilities $3,690
Long-term liabilities $27,350
Annual gross income $48,000
Annual take-home income $35,000
Annual expenses (including taxes and debt repayment) $46,800
Annual debt repayment $8,700

Reference no: EM131012685

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