Question
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 |
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End date | December 31, 2013 |
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Client name | Frank and Lois Fox |
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Section 401 (k) plan deferrals | BevmniEtg | gakaace | Amount (Yeasly) | |
Section 401 (k) planFrank Section 403(b) plan deferrrals | $0 | $11500 | $990 | |
Section 403(b) planLois | $0 | $990 |
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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 |
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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) |
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| $11 ,449 | |
Food |
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| $4,800 | |
Furniture/household | $36,000 | $34,000 |
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Go-cart | $0 | $1 ,200 |
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Homeowners insurance premiums |
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| $534 | |
Jewelry | $6,000 | $6,100 |
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Maid/child care |
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| $4,800 | |
Mortgage on residence | $72,960 | $72,164 |
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Mortgage payment interest |
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| $5,808 | |
Mortgage payment principal |
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| $796 | |
personal residence | $85,000 | $89,250 |
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Property tax (principal residence) |
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| $850 | |
Reinvestment in savings account/trust |
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| $5,675 | |
SalaryFrank |
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| $25,000 | |
SalaryLois |
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| $33 ,ooo | |
Savings | $13,500 | $14,175 |
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Savings account/trust fund interest |
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| $5,675 | |
Trust fund | $100,000 | $105,000 |
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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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