Case Study: Carol Jones Carol works as a business representative for an import/export company. Her job provides her with the opportunity to travel and experience new things. Because she travels so much, Carol feels that she does not have a handle on her finances. She has decided to pay a visit to a financial advisor for help. Carol’s Salary $2,000 Auto Payment $262 Home $100,000 Mastercard $5,000 Int 15% Gas/Heating $100 Visa Card $3,000 Int 15% Electric $125 Bloomingdale Card $1,500 Int 29% Water $60 Personal Loan $5,000 Int 5%, 60 mths Internet/Cable $150 Mortgage $95,000 Phone $50 Mortgage Payment $796 Cell Phone $200 Car $20,000 Food $250 Gym Membership $20 Mortgage Payment $796 Personal Loan Payment $94 Car Insurance $165 Carol’s 401K $50,000 Savings $500 Auto Loan $15,000 Checking $1,000 Visa Payment $60 Lawn Service $100 Bloomingdale Payment $30 Mastercard $100 Write a 700- to 1,050-word paper that addresses the following items from the case study: Apply financial planning concepts to advise Carol and explain how Carol can benefit from financial planning. Describe the benefits of using financial statements in financial planning.Utilize and explain strategies that Carol can use to increase her net worth. How does this affect her cash flow?Describe the sources available for asset management. Compile a list oflegal protections that can be used to protect Carol’s assets. Using the information provided for Carol create a balance sheet and cash flow statement. Estimate Carol’s overall net worth. Click the Assignment Files tab to submit your assignment.