4. Personal balance sheet 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. OIRA investments $ 6,750 O AAA Bank mutual fund 5,670 Auto: 2010 Suburban (cost) 23,000 Auto: 2007 Honda Pilot (cost) 20,000 O Auto loan balance (last payment) 844 O Bonds 10,800 City Bank-checking 30,000 O City Bank-savings 37,500 Cash 250 Ahmed's salary 45,000 Balance due on American Express credit card 1,519 Unpaid electric bill $ 394 Life Insurance (cash value) 5,400 O Balance due on Master Card 731 Balance due on Visa credit card 169 O Primary home 320,000 Primary home mortgage 266,667 Unpaid property taxes 2,400 Sana's diamond earrings 5,000 O Stocks 13,500 Unpaid telephone bill 169 O Amount paid last month for telephone 500 In addition, the Mohamed's provided the following information: . Based on comparable homes listed for sale in their neighborhood, the Mohamed's believe that their home value is about 8% more than what they paid for it. . The principal portion of their mortgage payments is approximately $889 per month. A reliable jeweler said that Sana's diamond earrings could be sold at the value provided. After looking at Kelley Blue Book, they believe their cars can be sold for about 55% of original cost. Use this information to fill in the missing amounts on Ahmed and Sana's balance sheet. You can use what you checked above to make sure you accounted for everything. Note: Some amounts are given to check your work. Round your percent to the one decimal place. Balance Sheet Name: Ahmed and Sana Mohamed Date: December 31, 2017 Dollars Percent ASSETS Monetary Assets % % % % Total monetary assets Tangible Assets % % % $ % Total tangible assets Investment Assets % % % % % $ % $ 100.0% Total investment assets (1) Total Assets ) LIABILITIES Short-Term Liabilities Current portion of mortgage Credit card debt % % % Property taxes Auto loan Electric bill % % % Telephone bill % $ % Total short-term liabilities Long-Term Liabilities % $ % Long-term portion of mortgage Total long-term liabilities (2) Total Liabilities Net Worth (1)-(2) Total Liabilities and Net Worth E $ % - $ % $ 100.0%
