Attempts Average/2 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 Bank-checking 36,000 City Bank-savings 45,000 Cash 300 Dan's salary 45,000 Balance due on American Express credit card 1,856 Unpaid electric bill $ 481 TO SOL Q Search u 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 Selena's diamond earrings 5,750 1,3 Stocks 13,750 Unpaid telephone bill 206 Amount paid last month for telephone 500 adition, 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. e Search 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 Percent 0.4% 300 45,000 % 36,000 % $ 81,300 % ASSETS Monetary Assets Cash on hand Savings account Checking account Total monetary assets Tangible Assets Home Automobiles Personal property Total tangible assets Investment Assets % 313,200 27,197 15.3% % 5,750 322,947 % 5,775 9 Mutual funds Stocks % % Bonds Life insurance cash value TRAS 13,750 11,000 5,500 R75 * reusme File Preview Edit View Go Tools Window Help 4 Q Search Investment Assets 5,775 % Mutual funds % 13,750 Stocks % Bonds 11,000 5,500 6,875 % Life insurance cash value % IRAS % Total investment assets 100.0% (1) Total Assets LIABILITIES Short-Term Liabilities 9,672 % Current portion of mortgage % Credit card debt 1,856 2,175 1,031 % Property taxes % Auto loan 481 Electric bill % 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%
