4. Personal balance sheet

Dan and Selena Newly 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. Dan and Selena 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.

IRA investments $ 6,875

AAA Bank mutual fund 5,775

Auto: 2010 Suburban (cost) 26,450

Auto: 2007 Honda Pilot (cost) 23,000

Auto loan balance (last payment) 1,031

Bonds 11,000

City Bankchecking 36,000

City Banksavings 45,000

Cash 300

Dans salary 45,000

Balance due on American Express credit card 1,856

Unpaid electric bill $ 481

Life Insurance (cash value) 5,500

Balance due on Master Card 894

Balance due on Visa credit card 206

Primary home 290,000

Primary home mortgage 241,667

Unpaid property taxes 2,175

Selenas diamond earrings 5,750

Stocks 13,750

Unpaid telephone bill 206

Amount paid last month for telephone 500

In addition, the Newlys provided the following information:

	Based on comparable homes listed for sale in their neighborhood, the Newlys believe that their home value is about 8% more than what they paid for it.
	The principal portion of their mortgage payments is approximately $806 per month.
	A reliable jeweler said that Selenas 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 Dan and Selenas 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.

Please fill in the percentages too. Thank You.

ASSETS Monetary Assets 300 % Cash on hand Savings account Checking account % 45,000 36,000 % Total monetary assets $ 81,300 % Tangible Assets Home % 313,200 27,198 Automobiles % Personal property 5,750 % Total tangible assets $ 346,148 % 5,775 % Investment Assets Mutual funds Stocks Bonds % 13,750 11,000 % Life insurance cash value 5,500 % 6,875 % IRAS Total investment assets 42,900 % $ $ (1) Total Assets 470,348 100.0% LIABILITIES Short-Term Liabilities % Current portion of mortgage Credit card debt 2,062 % Property taxes 2,175 % Auto loan 49,450 % Electric bill 481 % 206 % 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 100.0% ASSETS Monetary Assets 300 % Cash on hand Savings account Checking account % 45,000 36,000 % Total monetary assets $ 81,300 % Tangible Assets Home % 313,200 27,198 Automobiles % Personal property 5,750 % Total tangible assets $ 346,148 % 5,775 % Investment Assets Mutual funds Stocks Bonds % 13,750 11,000 % Life insurance cash value 5,500 % 6,875 % IRAS Total investment assets 42,900 % $ $ (1) Total Assets 470,348 100.0% LIABILITIES Short-Term Liabilities % Current portion of mortgage Credit card debt 2,062 % Property taxes 2,175 % Auto loan 49,450 % Electric bill 481 % 206 % 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 100.0%