Balance Sheet Data Also prepare a balance sheet for them as of December 31, 2021 assuming the following information that Mary has gleaned from bank and investment account statements, life insurance contracts, a household inventory, and real estate documents. The biggest asset they own is their home. They purchased the home a few years ago for $225.000. The tax assessed value (used to calculate their property taxes is $250.000. A very recent appraisal was done on the property by an expert independent real estate appraiser and showed an estimated market value of $300.000. The appraisal was done because the couple were thinking about refinancing their home mortgage but decided to wait a bit longer. Currently, the mortgage balance on the home is $200,000 and they owe $1,500 in property taxes as of 12/31/21. A small home improvement loan balance, which they used to fix up a bathroom, is $2.000. They borrowed the money from John's Dad who won't demand repayment for another 2 years. Mary reviews the bank statement and sees that their checking account balance as of 12/31/21 is $5,000 and they have another $10.000 in a passbook savings account at their credit union. They also have a certificate of deposit at Bank of America of $2,000. In 2018, the couple bought a new car for $25.000 and the current estimated value per Kelly's Bluebook of Used Cars is only $12,000. Furniture is estimated at $10,000 and Mary's engagement ring was recently valued by a jewelry shop at $4.000. Their investment portfolio (they own some shares of stock in a few corporations) cost $3.000 and their market value as of the close of the stock market on December 31, 2021 was $6.000. Their life insurance policy has a death benefit of $500.000 (if either one of them dies, the survivor will receive $500,000) and a cash surrender value of $4,000 which they could cash-in if they needed to or could borrow against it. Between their employers 401(k) plan and their IRAs, the couple have a market value of $35,000. They recently used their credit cards for a vacation and holiday gifts and have an outstanding balance of $3.000. John recently did some consulting work on "the side" and is owed $3.000. But even though he completed the consulting work, he believes he will not collect the $3.000 (accounts receivable) until sometime in February. Be sure to consider that amount for the September 1, 2020 balance sheet but also the budget. Finally, the total amount owed in student loans is $15,000. Please use the Excel template (worksheet) to prepare a balance sheet as of 12/31/21. Keep in mind that personal financial statements are prepared for individuals either to formally organize and plan their financial affairs in general or for specific purposes, such as obtaining of credit. income tax planning, retirement planning, eift and estate planning, or public disclosure of their financial affairs. The primary focus of personal balance sheet is a person's assets and liabilities, and the primary users of personal financial statements normally consider estimated current value information to be more relevant for their decisions than historical cost Information, D B D Amount in Dollars 000 7 8 9 10 11 12. Assets Cash - checking accounts Cash - savings accounts Certificates of deposit Securities - stocks / bonds / mutual funds Accounts receivable Life insurance (cash surrender value) Personal property (autos, jewelry, etc.) Retirement Funds (eg. IRAs, 401k) Real estate (market value) Other assets (specify) Other assets (specify) Total Assets 13 14 15 16 17 = 18 TA 19 20 Amount in Dollars 21 22 23 Liabilities Current Debt (Credit cards) Notes payable Taxes payable Real estate mortgage Other liabilities Other liabilities Total Liabilities 24 25 26 27 $- 28 29 Net Worth $