$1.$ List the Clements$$ financial strengths and weaknesses.

$2.$ After reading the case, what additional information would you request from the Clements to understand their personal and financial circumstances?

$3.$ Calculate the following financial ratios for the Clements.

Liquid Assets$/$Monthly Nondiscretionary Expenses

Liquid Assets$/$Current Debt Payments

Net Worth$/$Total Assets

Total Debt$/$total Assets

Total Debt$/$Annual Gross Income

Annual Housing and Debt Payments$/$Annual Gross Income

Annual Housing Costs$/$Annual Gross Income

Investment Assets$/$Annual Gross Income

Annual Savings$/$Annual Gross Income

$4.$ Comment on any of the above ratios that you think are important.

$5.$ Describe the Clements$$ current financial condition.

$6.$ If Nicholas and Whitney sell the K&B stock on January $1,2020,$ for the fair market value shown on the statement of financial position, what are the income tax consequences?

$7.$ Assuming that Nicholas and Whitney decide to sell the Federal Express stock on January $15,2020,$ for a total price of $$5,500,$ what are the tax consequences of such a sale?

$8.$ As of January $1,2020,$ how many payments have been made on the furniture?

$9.$ Calculate the original purchase price of the furniture