BALANCE SHEET | ||||||
Name : Ahmed and Sana Mohammed | ||||||
Date : December 31, 2017 | ||||||
Dollars | Percent | |||||
ASSETS | ||||||
Monetary Assets | ||||||
City Bank - checking | $ 36,000 | 7.7% | ||||
City Bank - savings | $ 45,000 | 9.7% | ||||
Cash | $ 300 | 0.1% | ||||
Total Monetary Assets | $ 81,300 | 17.5% | ||||
Tangible Assets | ||||||
Auto : 2010 Suburban (cost) | $ 13,915 | 3.0% | ||||
Auto : 2017 Honda Pilot (cost) | $ 12,100 | 2.6% | ||||
Primary Home | $ 313,200 | 67.4% | ||||
Total Tangible Assets | $ 339,215 | 72.9% | ||||
Investment Assets | ||||||
IRA Investments | $ 6,250 | 1.3% | ||||
AAA Bank mutual fund | $ 5,250 | 1.1% | ||||
Bonds | $ 10,000 | 2.2% | ||||
Life Insurance (cash value) | $ 5,000 | 1.1% | ||||
Sana's Diamond earrings | $ 5,500 | 1.2% | ||||
Stocks | $ 12,500 | 2.7% | ||||
Total Investment Assets | $ 44,500 | 9.6% | ||||
(1) TOTAL ASSETS | $ 465,015 | 100.0% | ||||
LIABILITIES | ||||||
Short Term Liabilities | ||||||
Current Portion of mortgage | $ 9,600 | 2.1% | ||||
Credit Card Debt | $ 2,150 | 0.5% | ||||
Property Taxes | $ 2,200 | 0.5% | ||||
Auto Loan | $ 750 | 0.2% | ||||
Electric Bill | $ 350 | 0.1% | ||||
Telephone Bill | $ 150 | 0.0% | ||||
Total Short Term Liabilities | $ 15,200 | 3.3% | ||||
Long Term Liabilities | ||||||
Long Term Portion of mortgage | $ 231,900 | 49.9% | ||||
Total Long Term Liabilities | $ 231,900 | 49.9% | ||||
(2) TOTAL LIABILITIES | $ 247,100 | 53.1% | ||||
Net Worth (1) - (2) | $ 217,915 | 46.9% | ||||
TOTAL LIABILITIES and NET WORTH | $ 465,015 | 100.0% |
4. Personal balance sheet Ahmed and Sana Mohamed have been married for over 10 years. They...
Ahmed and Sana Mohamed have been married for over 10 years. They both have good jobs with consistent incomes, and they are good savers. They believe that their financial picture is good, but they have never prepared a balance sheet. Ahmed and Sana pulled together the following items from bank statements, pay stubs, and bills Check the items that would appear on a balance sheet. Do not be concerned about whether the amounts are correct Check all that apply. IRA...
4. Personal balance sheet Juan and Maria Gomez have been married for over 10 years. They both have good jobs with consistent incomes, and they are good savers. They believe that their financial picture is good, but they have never prepared a balance sheet. Juan and Maria pulled together the following items from bank statements, pay stubs, and bills. Check the items that would appear on a balance sheet. Do not be concerned about whether the amounts are correct. Check...
Juan and Maria Gomez have been married for over 10 years. They both have good jobs with consistent incomes, and they are good savers. They believe that their financial picture is good, but they have never prepared a balance sheet. Juan and Maria pulled together the following items from bank statements, pay stubs, and bills. Check the items that would appear on a balance sheet. Do not be concerned about whether the amounts are correct. Check all that apply. ロロロロロロロロロロロ...
I am looking to verify my answers by placing the proper items in the balance sheet Assets & Liabilities Joint Money Market Account $ 5,500 Boat $ 25,000 Credit Card B (For Clothes) $ 4,000 Mortgage Balance $ 80,000 Cash on Hand $ 1,500 House $ 120,000 Personal Property $ 15,000 Credit Card D (For Misc. Items) $ 4,500 Jane's - Car Loan Balance $ 10,000 Joint Savings Account $ 400 Jane's Car $ 22,000 Credit Card A (For Groceries/Restaurants)...
Analyze each these personal financial transactions and determine their impact on your client's balance sheet: Your client buys a $50,000 car with a 20% down payment at a 6% interest rate. Your client buys an antique with a market value of $5,000 and pays $3,500 in cash for it. Your client's investments earn $22,000 in this bull market. Your client refinances their current 30 years mortgage to a 15-year mortgage and amortizes all closing costs. The mortgage is $450k, and...
Use the following items to prepare a balance sheet and a cash flow statement. Determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows. $4,070 2.420 2,340 104 Balance Sheet and Cash Flows Rent for the month Cash in checking account Spending for food Current value of automobile Credit card balance Auto insurance Stereo equipment Lunches/parking at work Home computer Clothing purchase $1,520 Monthly take-home salary 920 Savings account balance 1,260 Balance of educational loan...
Use the following items to prepare a balance sheet and a cash flow statement. Determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows. Balance Sheet and Cash Flows Rent for the month Cash in checking account Spending for food Current value of automobile Credit card balance Auto insurance Stereo equipment Lunches/parking at work $1,520 Monkhly take-home salary $4,070 2,420 2,340 104 920 Savings account balance 1,260 Balance of educational loan 7,820 Telephone bill paid...
Net Worth and Budgeting Use the following items to prepare a balance sheet and a cash flow statement. Determine the total assets, total liabil total cash inflows, and total cash outflows. Rent for the month Cash in checking account Spending for food Current value of automobile Credit card balance Auto insurance Stereo equipment Lunches/parking at work Home computer Clothing purchase 1,330 Monthly take-home salary $3,988 2,748 2,778 119 187 3,588 146 818 Savings account balance 1,300 Balance of educational loan...
Construct Financial Statements Thomas Green, of Laramie, Wyoming, has been a retail salesclerk for six years. At age 35, he is divorced with one child, Amanda, age 7. Thomas' salary is $46,000 per year. He regularly receives $500 per month for child support from Amanda's mother. Thomas invests $100 each month ($50 in his mutual fund and $50 in U.S. savings bonds). ASSETS Amount Vested retirement benefits (no employee contribution) $ 6,000 Money market account (includes $150 of interest earned...
please use Tables 3.2 and 3.3 in the book on pages 82 and 86 respectively. Please calculate Hernandez's basic liquidity ratio. Table 3-3 Cash Flow Statement for a Couple with Two Children-Victor and Maria Hernandez, January 1-December 31, 2018 Dollars Percent 53,000 32,000 1,800 1,000 200 7.720 95,720 55.4% 33.4% 1.9% 1.0% 0.2% 8.1% 100.0% INCOME Victor's gross salary Maria's gross salary Interest and dividends Bonus Tax refunds Net rental income Total Income EXPENDITURES Fixed Expenses Mortgage loan payments Real...