17) What are the deficiencies in the presentation of the statement of financial position?

Case 5 l Benjamin and Sarah Redding 73 STATEMENT OF FINANCIAL POSITION Benjamin and Sarah Redding January 1, 2014 ASSETS Checking account 10,000 Savings account 13,500 Trust fund2 100,000 Automobile Sarah (2004 BMW 328i 12,575 Automobile-Benjamin (2012 Nissan Maxima) 16,375 Boat 12,000 Home (appraised 7/1/13 149,000 Pension Sarah 16,500 Total assets $329,950 LIABILITIES 3.4 Credit card- Benjamin (18%) 4,750 Credit card-Sarah (23 4,920 Credit card-joint (16%) 1,200 Car Note Benjamin (10%) 18,383 School loans (6%) 17,919 Bank loans (12%) 9,909 Home mortgage balance (7.5%) 148,944 Total liabilities $206,025 $123,925 Net worth Total liabilities and net worth $329.950 Notes to Financial Statements 1All assets are stated at fair market value. ?The trust fund is for the children's education; however, Sarah receives the interest on the balance of the trust fund until all children reach age of majority. The trust assets are invested in a CD yielding 3% per year. sLiabilities are stated at principal only "Percentages shown are current interest rates on respective indebtedness