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1. Using the following items, prepare a balance sheet in good order (showing each category and correctly labeled) for Frank Ferguson. After you have prepared

1. Using the following items, prepare a balance sheet in good order (showing each category and correctly labeled) for Frank Ferguson. After you have prepared Franks balance sheet, calculate Frank's solvency ratio

Stocks $10,000

House $125,000

Utilities $3,800

Retirement fund $62,000

Checking account $1,800

Savings account $4,900

2016 Ford $22,000

Cash $350

Mortgage loan $103,000

Auto loan $17,000

Credit card $13,200

Insurance premium $2,700

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