Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Don salary and amount paid for last month is not included every other thing is so please just try to prepare the balance sheet 4.
Don salary and amount paid for last month is not included every other thing is so please just try to prepare the balance sheet
4. Personal balance sheet Aa Aa Don and Stella Boyd 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. Don and Stella 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. $ 438 $ 6,900 5,800 24,700 21,500 938 5,500 800 IRA investments AAA Bank mutual fund Auto: 2010 Suburban (cost) Auto: 2007 Honda Pilot (cost) Auto loan balance (last payment) Bonds City Bank-checking City Bank-savings Cash Don's salary Balance due on American Express credit card Unpaid electric bill O Life Insurance (cash value) Balance due on Master Card Balance due on visa credit card Primary home O Primary home mortgage Unpaid property taxes Stella's diamond earrings Stocks Unpaid telephone bill Amount paid last month for telephone 11,000 30,000 37,500 250 45,000 1,688 200 340,000 283,500 2,550 5,375 13,750 200 500 UJUD In addition, the Boyd's provided the following information: . Based on comparable homes listed for sale in their neighborhood, the Boyd'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 $950 per month. A reliable jeweler said that Stella'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 Don and Stella'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. Name: Don and Stella Boyd Date: December 31, 2017 Dollars Percent ASSETS Monetary Assets DIDIN Total monetary assets Tangible Assets Total tangible assets Investment Assets DIDID Total investment assets (1) Total Assets 100.0% LIABILITIES Short-Term Liabilities Current portion of mortgage Credit card debt Property taxes 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 $218,371 Net Worth (1)-(2) Total Liabilities and Net Worth 42.9% 100.0%Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started