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. 1. Auto: 2010 Suburban (cost) 26,450 2. Auto: 2007 Honda Pilot (cost) 23,000 3. Dan's salary 45,000 4. Balance due on American Express credit card 1,856 5. Balance due on Master Card 894 6. Balance due on Visa credit card 206 7. Primary home 290,000 8. Selena's diamond earrings 5,750 9. The total balance remaining on their mortgage is 241,667 10. Amount paid last month for a telephone is 500 In addition, the Newly's provided the following information: Based on comparable homes listed for sale in their neighborhood, the Newly'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 $806 per month. A reliable jeweler said that Selena'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 Dan and Selena'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. Name: Dan and Selena Newly Date: December 31, 2017 ASSETS Monetary Assets Cash on hand Savings account Checking account Total monetary assets Tangible Assets Total tangible assets Balance Sheet $ Dollars IN LA 300 45,000 36,000 $81,300 Investment Assets Mutual funds Bonds Life insurance cash value IRAS Total investment assets (1) Total Assets LIABILITIES Short-Term Liabilities Current portion of mortgage Credit card debt Property taxes Auto loan 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 $ $ $ $ $ $ 5,775 13,750 11,000 5,500 6,875 2,175 1,031 Tangible Assets Savings account Home IRAS Bonds ets S Bonds Life insurance cash value 1100 $ 5,775 13,750 11,000 5.500 Life insurance cash value Automobiles Savings account Mutual funds Life insurance cash value IRAS Total investment assets $ A 5,775 13,750 11,000 5,500 6,875 Tangible Assets Cash on hand Personal property Mutual funds IRAS ts alue IRAS Total investment assets (1) Total Assets LIABILITIES LA 5,775 13,750 11,000 5,500 6,875 Investment Assets Mutual funds Home Cash on hand Personal property Stocks Jalue ssets Short-Term Liabilities Current portion of mortgage Credit card debt Property taxes Auto loan Total short-term liabilities $ LA $ $ LA 5,775 13,750 11,000 5,500 6,875 10 2,175 1,031