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) 28,750 2. Auto: 2007 Honda Pilot (cost) 25,000 3. Dan's salary 45,000 4. Balance due on American Express credit card 1,519 5. Balance due on Master Card 731 6. Balance due on Visa credit card 169 7. Primary home 300,000 8. Selena's diamond earrings 6,250 9. The total balance remaining on their mortgage is 250,000 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 $833 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. Balance Sheet Name: Dan and Selena Newly Date: December 31, 2017 Dollars ASSETS Monetary Assets Cash on hand 250 Savings account 37,500 30,000 Checking account Total monetary assets Tangible Assets $67,750 Total tangible assets Investment Assets Mutual funds 5,670 13,500 10,800 Bonds Life insurance cash value 5,400 6,750 IRAs Total investment assets $ (1) Total Assets $ LIABILITIES Short-Term Liabilities Current portion of mortgage Credit card debt Property taxes 2,250 Auto loan 844 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 $ 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) 28,750 2. Auto: 2007 Honda Pilot (cost) 25,000 3. Dan's salary 45,000 4. Balance due on American Express credit card 1,519 5. Balance due on Master Card 731 6. Balance due on Visa credit card 169 7. Primary home 300,000 8. Selena's diamond earrings 6,250 9. The total balance remaining on their mortgage is 250,000 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 $833 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. Balance Sheet Name: Dan and Selena Newly Date: December 31, 2017 Dollars ASSETS Monetary Assets Cash on hand 250 Savings account 37,500 30,000 Checking account Total monetary assets Tangible Assets $67,750 Total tangible assets Investment Assets Mutual funds 5,670 13,500 10,800 Bonds Life insurance cash value 5,400 6,750 IRAs Total investment assets $ (1) Total Assets $ LIABILITIES Short-Term Liabilities Current portion of mortgage Credit card debt Property taxes 2,250 Auto loan 844 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 $
