Question: Using income & expenditure data for 2007 finish a cash flow statement for Kevin & Stacy. Date this statement January through December of 2007. Divide the mortgage payment into its parts -- PI [principal and interest] is mortgage payment, taxes are property taxes, & home insurance is homeowners insurance. Be sure to total your entries for each row in third (3) columns of the cash flow statement.
Did Kevin & Stacy have a cash surplus or a cash deficit in 2007? Determine the impact would the 2007 cash surplus [deficit] have on their January 1, 2008 balance sheet?