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Given the following information, develop a beginning-of-the-year statement of financial position. Beginning date January 1 , 2013 End date December 31, 2013 Client name Frank

Given the following information, develop a beginning-of-the-year statement of financial position.

Beginning date

January 1 , 2013

End date

December 31, 2013

Client name

Frank and Lois Fox

Section 401 (k) plan deferrals

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Amount (Yeasly)

Section 401 (k) planFrank

Section 403(b) plan deferrrals

$0

$11500

$990

Section 403(b) planLois

$0

$990

Auto loan

Auto loan interest

Auto loan principal

Auto maintenance

$15,432

$10,436

$4,996

$600

AutomobileFrank

AutomobileLois

Automobile insurance premiums

$20,000

$5,750

$18,000

Checking

Child support

Clothing

$10,000

$15,570

$3,600

Credit card

Credit card payments interest

Credit card payments principal

Entertainment

$10,870

$10,417

$1 ,707

$453

$4,200

FICA and federal income tax (W/ H)

$11 ,449

Food

$4,800

Furniture/household

$36,000

$34,000

Go-cart

$0

$1 ,200

Homeowners insurance premiums

$534

Jewelry

$6,000

$6,100

Maid/child care

$4,800

Mortgage on residence

$72,960

$72,164

Mortgage payment interest

$5,808

Mortgage payment principal

$796

personal residence

$85,000

$89,250

Property tax (principal residence)

$850

Reinvestment in savings account/trust

$5,675

SalaryFrank

$25,000

SalaryLois

$33 ,ooo

Savings

$13,500

$14,175

Savings account/trust fund interest

$5,675

Trust fund

$100,000

$105,000

Tuition and education expenses

Utilities

Additional transactions:

Made a joint gift of bedroom furniture with a fair market value of $2,000

Section 401 (k) plan employer match = 3% of income

Bought a go-cart for their son for $1 ,200

(Name)
Statement of Financial Position
1/1/2013
Assets Liabilities
Value Value
Cash/cash equivalents Current Liabilities
Cash on Hand Credit Card 1
Checking Account Credit Card 2
Savings Account Credit Card 3
Total Cash/Cash Equivalents: Other
Total Current Liabilities
Invested Assets
Money Market Funds
Certificates of Deposit
Stocks/Mutual Funds
Bonds
Insurance Long Term Liabilities
IRAs Car Loan
Retirement Plan Car Loan
Other Bank Loans
Total Invested Assets Finance Company
Relatives/Friends
Personal Use Assets Furniture
Primary Residence Appliances
Automobile School Loans
Automobile Other Loan Balances
Boats Total Long Term Liabilities
Collectibles
Furniture TOTAL LIABILITIES
Jewelry
Loans Receivable
Other
Total Personal Use Assets
NET WORTH
TOTAL ASSETS
Total Assets
Total Liabilities
Net Worth

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