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4. Personal balance sheet Juan and Maria Gomez have been married for over 10 years. They both have good jobs with consistent incomes, and they

image text in transcribed4. Personal balance sheet

Juan and Maria Gomez 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. Juan and Maria 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) 27,025

Auto: 2007 Honda Pilot (cost) 23,500

Auto loan balance (last payment) 938

Bonds 11,000

City Bankchecking 36,000

City Banksavings 45,000

Cash 300

Juans salary 45,000

Balance due on American Express credit card 1,688

Unpaid electric bill $ 438

Life Insurance (cash value) 5,500

Balance due on Master Card 813

Balance due on Visa credit card 188

Primary home 350,000

Primary home mortgage 291,667

Unpaid property taxes 2,625

Marias diamond earrings 5,875

Stocks 13,750

Unpaid telephone bill 188

Amount paid last month for telephone 500

In addition, the Gomezs provided the following information:

Based on comparable homes listed for sale in their neighborhood, the Gomezs believe that their home value is about 8% more than what they paid for it.
The principal portion of their mortgage payments is approximately $972 per month.
A reliable jeweler said that Marias 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 Juan and Marias 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.

image text in transcribed

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 100.0% Balance Sheet Name: Juan and Maria Gomez Date: December 31, 2017 Dollars Percent ASSETS Monetary Assets Total monetary assets Tangible Assets Total tangible assets Investment Assets Total investment assets (1) Total Assets 100.0% LIABILITIES Short-Term Liabilities Current portion of mortgage Credit card debt Property taxes Auto loan

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