Question
Answer this questions use balance sheet Jack Plummer, a factory worker, asks you to help him find out how much he is worth. From a
Answer this questions use balance sheet
- Jack Plummer, a factory worker, asks you to help him find out how much he is worth. From a
discussion with him, you find out the following facts:
a.His cash on hand is $1800.
b.He owns Canada Savings Bonds worth $1000.
c.He owns a home valued at $385 000 that has a mortgage on it of $84 000.
d.He owns an automobile that he bought for $16 200, and still owes Ace Finance $1800 for it.
e.He owns a summer property valued at $130 000, which he bought with money borrowed from the bank. Since the time of purchase, he has paid $37 000 of the loan.
f.He has unpaid bills amounting to $3000.
g.He owes his father, M. Plummer, the sum of $50 000, which he borrowed interest free several years ago at the time he bought his home.
h.He owns furniture valued at $6000.
Prepare a personal balance sheet for Jack Plummer dated June 1 of the current year.
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