1. Jack Gibson does bookeeping for several companies in Driggs, Idaho. He keeps the books for a plumbing contractor, a local hardware and building supply store as well as several well-to-do clients such as the local doctors and owners of organic food store.

A. What is Jack and Gilda's Simple Net worth as of 12/31/2019? (Jack's income: $190,000; Gilda's income is $75,000)

B. Use the templates provided and the indirect method of net worth analysis to determe whether Jack and Gilda have received money from illegitimate sources, if so, how much?

C. How might they defend themselves from a charge of having money from illegitimate sources?

D. Explain how you arrive at your family expenditure number

Excel Box F14

$1,190.00

Contributions during 2019 Holder of account Bank CitiBank Wells Fargo Bank Chase Bank Balance as of Balance as of Interest Earned 2019 12/31/2018 12/31/2019 $450.00 $20,200.00 $7,892.00 $256.00 $0.00 $15.678.00 $128.00 $2,562.00 $0.00 Retirement Assets: IRA Wells Fargo (Jack) IRA Wells Fargo (Hildal Market value as of Market value as of 12/31/2018 12/31/2019 $467092.00 $552,263.04 $223 489.00 $279.427.68 Jack Gibson Hilda Gibson $26.000.00 $26.000.00 Bank of America Chicago City Bank $202.00 $154.001 $4,590.00 $3.679 001 $12,789.00 $0.00 Credit Card Debt American Express Blue Citibank Account type Credit Card-Revolving Credit Card-Revolving Balance as of Balance as of Payments made 12/31/2018 12/31/2019 2019 $17,590.001 $11,081.70 $12 508.30 $12,456.00 $3.736.80 $14,719 20 Investments: TD Ameritrade (trading portfolio Edward Jones (Money Market Fund) Market Value as Market Value as of Added to account during Account Number of 12/31/2018 12/31/2019 2019 by Gibsons 974 $45,621.00 $65,892.00 $10,251.40 2365 $15,250.00 $38,754.00 $5,206.70 Discover Financial Services US Bank Card Bank Americard VISA Fifth Third Bankcard Capital One Credit Card-Revolving Credit Card-Revolving Credit Card-Revolving Credit Card-Revolving Credit Card-Revolving $2,900.00 $3,245.00 $7892.00 $3,245.00 $2,102.00 $3828.00 $5 419.15 $9,154.72 $3,082.75 $3,237 08 $5,072.00 $3825 85 $4,737 28 $6,162.25 $4.864.92 Property owned: Rental Income 2019 (per month) Market Value as Market Value as of of 12/31/2018 12/31/2019 $545,000.00 $550,000.00 GMAC Credit Card-Revolving Address 41 State Line Road, Driges, ID $2,590.00 Original Cost $500,000.00 $0.00 $3,410.00 256 Northshore Drive 14500, Chicago, IL 800 $130,000.00 $120.500.00 $137,000.00 $122.500.00 $149,000.00 $132.000.00 Personal Mortgage Debt Balance Teton Valley Bank Balance as of Balance as of 12/31/2018 12/31/2019 $380,141.70 $360.289 20 385 Little Ave., Driggs, ID rental) 7001 Address of property 41 State Line Road, Driges, ID 256 Northshore Drive 4500, Chicago, IL 385 Little Ave., Driggs, ID 750 $80,000.00 $90,000.00 $85,000.00 $92,000.00 $120,000.00 $102,000.00 650 GMAC Mortgage Bank of America $100,809.64 $75,630.91 $96.59994 $69,107.71 152 Barnes Street, Tetonia, ID (farm) 200 Valley View Road, Victor, ID (farm) 300 Three Peaks Rd, Dries, ID (rental) Purchased and rented Oct 1, 2019 $280,000.00 $0.00 $292,000.00 950 Wells Fargo Jackson State Bank 152 Barnes Street, Tetonia, ID 200 Valley View Road, Victor, ID $48,011.39 $26,150.85 $42,522.09 $18,258.45 Market Value as Market Value as of Original Cost of 12/31/2018 12/31/2019 $160,000.00 $0.00 $160,000.00 GMAC Mortgage Other Assets: Speed Boat purchased in 2019) 300 Three Peaks Rd, Driggs, ID $0.00 $255,000.00 Toyota SUV-2005 Chevy Suburban SUV purchased in 2018 2013 Dodge Ram Truck Jeep 1994 Harley Davidson Motorcycle $31,565.00 $41,565.00 $52,000.00 $4,500.00 $7.200.00 $11,251.00 $31.875.00 $22567.00 $2.500.001 $6.445.00 $9.875.00 $25,897.00 $20,765.00 $2.056,00 Other Liabilities Teton Valley Bank Chase Bank Jackson State Bank Cherokee Financing Collateral Speed boat Toyota SUV-2005 2006 Dodge Ramn Truck I Horse Trailer Balance as of Balance as of 12/31/2018 12/31/2019 $0.00 $150,000.00 $14,148.00 $9,160.20 $27.484.721 $18,360.12 $15.928. 50 0 $6,122.75 For family living expense, might look at the US Bureau of Labor Statistics, Consumer Expenditure Surveys, Current Expenditure Tables, Income before taxes, find the category in which they fall and compute the percent of spending for that category, apply it to Gibson's Income Other household items Artwork: Furniture: Electronics Antiques Original Cost $58,280.00 $72,478.00 $34.789.00 $12.890.00 Market Value as Market Value as of of 12/31/2018 12/31/2019 $65,273.60 56 $87.698.38 $99 831 20 $46.617.26 $50 847.601 $61.833.00 $116.314 801 Purchased during 2019 $6.993.60 $15 220381 $11.828.26 $49.943.00 12/31/19 Simple net worth Assets Bank CitiBank Wells Fargo Bank Chase Bank Bank of America Chicago City Bank Liabilities Credit Card Debt American Express Blue Citibank Discover Financial Services US Bank Card Bank Americard VISA Fifth Third Bankcard Capital One GMAC Investments: TD Ameritrade (trading portfolio Edward Jones Money Market Fundi Property owned: Address 41 State Line Road, Driges, ID 256 Northshore Drive 4500, Chicago, IL 385 Little Ave., Driggs, ID (rental) 152 Barnes Street, Tetonia, ID (farm) 200 Valley View Road, Victor, ID (farm) 300 Three Peaks Rd, Driggs, ID (rental) Purchased and rented Oct 1, 2019 Personal Mortgage Debt Balance Teton Valley Bank GMAC Mortgage Bank of America Wells Fargo Jackson State Bank GMAC Mortgage Other Liabilities Teton Valley Bank Chase Bank Jackson State Bank Cherokee Financing Other Assets Speed Boat (purchased in 2019) Toyota SUV-2005 Chevy Suburban SUV purchased in 2018 2013 Dodge Ramn Truck Jeep 1994 Harley Davidson Motorcycle | Other household items Artwork: Furniture: Simple Net Worth Electronics Antiques Retirement Assets: IRA Wells Fargo (Jack) IRA Wells Fargo (Hilda) Bank CitiBank Wells Fargo Bank Chase Bank Bank of America Chicago City Bank Liabilities Credit Card Debt American Express Blue Citibank Discover Financial Services US Bank Card Bank Americard VISA Fifth Third Bankcard Capital One GMAC Investments: TD Ameritrade (trading portfolio) Edward Jones (Money Market Fund) Property owned: Mortgage Debt 41 State Line Road, Driggs, ID 256 Northshore Drive 4500, Chicago, IL 385 Little Ave., Driges, ID rental) 152 Barnes Street, Tetonia, ID (farm) 200 Valley View Road, Victor, ID (farm) 300 Three Peaks Rd, Dries, ID rental) Purchased and rented Oct 1.2019 Teton Valley Bank GMAC Mortgage Bank of America Wells Fargo Jackson State Bank GMAC Mortgage Other Assets: Speed Boat Toyota SUV-2005 Chevy Suburban SUV purchased in 2014 2013 Dodge Ram Truck Jeep 1994 Harley Davidson Motorcycle Other Liabilities Teton Valley Bank Chase Bank Jackson State Bank Cherokee Financing Change in Net Worth Other household items Artwork: Furniture Electronics Antiques Retirement Assets: IRA Wells Fargo (Jack) IRA Wells Fargo (Hilda) Contributions during 2019 Holder of account Bank CitiBank Wells Fargo Bank Chase Bank Balance as of Balance as of Interest Earned 2019 12/31/2018 12/31/2019 $450.00 $20,200.00 $7,892.00 $256.00 $0.00 $15.678.00 $128.00 $2,562.00 $0.00 Retirement Assets: IRA Wells Fargo (Jack) IRA Wells Fargo (Hildal Market value as of Market value as of 12/31/2018 12/31/2019 $467092.00 $552,263.04 $223 489.00 $279.427.68 Jack Gibson Hilda Gibson $26.000.00 $26.000.00 Bank of America Chicago City Bank $202.00 $154.001 $4,590.00 $3.679 001 $12,789.00 $0.00 Credit Card Debt American Express Blue Citibank Account type Credit Card-Revolving Credit Card-Revolving Balance as of Balance as of Payments made 12/31/2018 12/31/2019 2019 $17,590.001 $11,081.70 $12 508.30 $12,456.00 $3.736.80 $14,719 20 Investments: TD Ameritrade (trading portfolio Edward Jones (Money Market Fund) Market Value as Market Value as of Added to account during Account Number of 12/31/2018 12/31/2019 2019 by Gibsons 974 $45,621.00 $65,892.00 $10,251.40 2365 $15,250.00 $38,754.00 $5,206.70 Discover Financial Services US Bank Card Bank Americard VISA Fifth Third Bankcard Capital One Credit Card-Revolving Credit Card-Revolving Credit Card-Revolving Credit Card-Revolving Credit Card-Revolving $2,900.00 $3,245.00 $7892.00 $3,245.00 $2,102.00 $3828.00 $5 419.15 $9,154.72 $3,082.75 $3,237 08 $5,072.00 $3825 85 $4,737 28 $6,162.25 $4.864.92 Property owned: Rental Income 2019 (per month) Market Value as Market Value as of of 12/31/2018 12/31/2019 $545,000.00 $550,000.00 GMAC Credit Card-Revolving Address 41 State Line Road, Driges, ID $2,590.00 Original Cost $500,000.00 $0.00 $3,410.00 256 Northshore Drive 14500, Chicago, IL 800 $130,000.00 $120.500.00 $137,000.00 $122.500.00 $149,000.00 $132.000.00 Personal Mortgage Debt Balance Teton Valley Bank Balance as of Balance as of 12/31/2018 12/31/2019 $380,141.70 $360.289 20 385 Little Ave., Driggs, ID rental) 7001 Address of property 41 State Line Road, Driges, ID 256 Northshore Drive 4500, Chicago, IL 385 Little Ave., Driggs, ID 750 $80,000.00 $90,000.00 $85,000.00 $92,000.00 $120,000.00 $102,000.00 650 GMAC Mortgage Bank of America $100,809.64 $75,630.91 $96.59994 $69,107.71 152 Barnes Street, Tetonia, ID (farm) 200 Valley View Road, Victor, ID (farm) 300 Three Peaks Rd, Dries, ID (rental) Purchased and rented Oct 1, 2019 $280,000.00 $0.00 $292,000.00 950 Wells Fargo Jackson State Bank 152 Barnes Street, Tetonia, ID 200 Valley View Road, Victor, ID $48,011.39 $26,150.85 $42,522.09 $18,258.45 Market Value as Market Value as of Original Cost of 12/31/2018 12/31/2019 $160,000.00 $0.00 $160,000.00 GMAC Mortgage Other Assets: Speed Boat purchased in 2019) 300 Three Peaks Rd, Driggs, ID $0.00 $255,000.00 Toyota SUV-2005 Chevy Suburban SUV purchased in 2018 2013 Dodge Ram Truck Jeep 1994 Harley Davidson Motorcycle $31,565.00 $41,565.00 $52,000.00 $4,500.00 $7.200.00 $11,251.00 $31.875.00 $22567.00 $2.500.001 $6.445.00 $9.875.00 $25,897.00 $20,765.00 $2.056,00 Other Liabilities Teton Valley Bank Chase Bank Jackson State Bank Cherokee Financing Collateral Speed boat Toyota SUV-2005 2006 Dodge Ramn Truck I Horse Trailer Balance as of Balance as of 12/31/2018 12/31/2019 $0.00 $150,000.00 $14,148.00 $9,160.20 $27.484.721 $18,360.12 $15.928. 50 0 $6,122.75 For family living expense, might look at the US Bureau of Labor Statistics, Consumer Expenditure Surveys, Current Expenditure Tables, Income before taxes, find the category in which they fall and compute the percent of spending for that category, apply it to Gibson's Income Other household items Artwork: Furniture: Electronics Antiques Original Cost $58,280.00 $72,478.00 $34.789.00 $12.890.00 Market Value as Market Value as of of 12/31/2018 12/31/2019 $65,273.60 56 $87.698.38 $99 831 20 $46.617.26 $50 847.601 $61.833.00 $116.314 801 Purchased during 2019 $6.993.60 $15 220381 $11.828.26 $49.943.00 12/31/19 Simple net worth Assets Bank CitiBank Wells Fargo Bank Chase Bank Bank of America Chicago City Bank Liabilities Credit Card Debt American Express Blue Citibank Discover Financial Services US Bank Card Bank Americard VISA Fifth Third Bankcard Capital One GMAC Investments: TD Ameritrade (trading portfolio Edward Jones Money Market Fundi Property owned: Address 41 State Line Road, Driges, ID 256 Northshore Drive 4500, Chicago, IL 385 Little Ave., Driggs, ID (rental) 152 Barnes Street, Tetonia, ID (farm) 200 Valley View Road, Victor, ID (farm) 300 Three Peaks Rd, Driggs, ID (rental) Purchased and rented Oct 1, 2019 Personal Mortgage Debt Balance Teton Valley Bank GMAC Mortgage Bank of America Wells Fargo Jackson State Bank GMAC Mortgage Other Liabilities Teton Valley Bank Chase Bank Jackson State Bank Cherokee Financing Other Assets Speed Boat (purchased in 2019) Toyota SUV-2005 Chevy Suburban SUV purchased in 2018 2013 Dodge Ramn Truck Jeep 1994 Harley Davidson Motorcycle | Other household items Artwork: Furniture: Simple Net Worth Electronics Antiques Retirement Assets: IRA Wells Fargo (Jack) IRA Wells Fargo (Hilda) Bank CitiBank Wells Fargo Bank Chase Bank Bank of America Chicago City Bank Liabilities Credit Card Debt American Express Blue Citibank Discover Financial Services US Bank Card Bank Americard VISA Fifth Third Bankcard Capital One GMAC Investments: TD Ameritrade (trading portfolio) Edward Jones (Money Market Fund) Property owned: Mortgage Debt 41 State Line Road, Driggs, ID 256 Northshore Drive 4500, Chicago, IL 385 Little Ave., Driges, ID rental) 152 Barnes Street, Tetonia, ID (farm) 200 Valley View Road, Victor, ID (farm) 300 Three Peaks Rd, Dries, ID rental) Purchased and rented Oct 1.2019 Teton Valley Bank GMAC Mortgage Bank of America Wells Fargo Jackson State Bank GMAC Mortgage Other Assets: Speed Boat Toyota SUV-2005 Chevy Suburban SUV purchased in 2014 2013 Dodge Ram Truck Jeep 1994 Harley Davidson Motorcycle Other Liabilities Teton Valley Bank Chase Bank Jackson State Bank Cherokee Financing Change in Net Worth Other household items Artwork: Furniture Electronics Antiques Retirement Assets: IRA Wells Fargo (Jack) IRA Wells Fargo (Hilda)