Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
I need to help a couple with their finances for this assignment. I hace to prepare a vertical analysis of their statement of fiancial position
I need to help a couple with their finances for this assignment. I hace to prepare a vertical analysis of their statement of fiancial position and income and expense. Can anyone please help me using these photos? 2 Statement of Income and Expenses $100,000 68.770 Total $3.500 Statement of income and Expenses Ryan and Turany Pierce Statement of Income and Expenses for Past Year (2019) and Expected (Approximate) For This Year (2020) Cash Inflows Ryan's Salary Tiffany's Salary ML Brokerage Account Investment Portfolio Savings Account Education Fund Total Cash inflows Cash Outflows Savings $15,000 401) Plan Total Savings 134,00 24,776 3773 11.06273 5618.42 5145 501 Themes osa 379 56500 3. 4 28.6, 337,200 Federal Income Tawes Withheld 2.70 $4,000 State Income Taxes Withheld 3914916 ND Property Tax Residence 7,1910.404 Payroll [FICA) Total Taxes Debt Payments (Principal & Interest) 02 $14,891 ND Principal Residence Mortgage 129518 818 ND Auto Loan 2051.300 ND Credit Cards Total Debt Payments Living Expenses $5,000 ND Utilities for Residence 43650 Entertainment $5,000 ND Church Donations 9.90 $6,000 ND Clothing -7591.243ND Auto Maintenance 4.356.300 ND Food $30,043 Total Living Expenses Insurance Payments HO Insurance Principal Residence 1. 6 82,400 ND Health 1852,660 ND Auto Premiums -399$520 Life Insurance #1 ND 20 $30 ND Purand Jewelry Endorsement $2,667 Disability ND Total Insurance Payments $9,197 Total Cash Outflows $145,789 Net Discretionary Cash Flows ($288) ND - Non-Discretionary cash flows per mutual understanding between financial planner and client. *Federal and state income taxes withheld and Social Security taxes are presumed to be discretionary as opposed to nondiscretionary because job loss is the greatest risk to the emergency fund and these expenses are not incurred in the event of a lob loss 1905 7 21% .63% b 5920 ND 16.30 Statement of Financial Position (Beginning of Year) Assets Statement of Financial Position Ryan and Tiffany Pierce Balance Sheet as of 1/1/2020 Liabilities and Net Worth Current Liabilities 17.500 w Credit Cards 54.300 $15.450 Total Current Liabilities $22.950 $4,300 Current Assets IT Cash & Checking IT Savings? Total Current Assets $134,959 $40,069 Long-Term Liabilities IT Principal Residence Mortgage IT Auto Loans H Margin Loans Total Long Term Liabilities $192,550 Investment Assets First Mutual Growth Pund W levestment Portfolio # ML Brokerage Account w Education Fund H Profit Sharing Plan w Profit Sharing Man H IRA" Total Investment Assets $7,950 $210,000 $100,000 527,747 $80.000 $12.000 $9,000 $196,850 441697 Total Liabilities this Side sss2an Total Net Worth Personal use Assets IT Principal Residence Automobile #1 w Automobile 2 faat W Purs and Jewelry IT Furniture and Household Total Personal Use Assets Total Assets $185.000 $32,000 $21.000 $10.000 $10,000 $27,000 $285.000 5749, 67 Total Llabilities & Net Worth 1. Assets are stated at fair market value. 2. Labilities are stated at principal only as of January 1, 2020 before January payments. 3. ML Brokerage Account is stated at gross value, which does not include margin loan of $17.522. 4. TRA is currently invested in CDs at a local bank 5. Margin loan is for ML Brokerage Account. Interest rate is currently and deducted from account balance. 6. The checking account is a non-interest bearing account. 7. The savings account earns 4% per year. Title Designations: Husband (Sole Owner) W = Wife (Sole Owner) IT-joint Tenancy with Survivorship Rights Personal Residence Purchased 1/1/2018 $185,000 FMV (Current) $148,000 Original Loan 15 years Term 5.9% Interest Rate $1,240.93 Payment Remaining Mortgage $134,959 Remaining Term 13 years Taxes on Home $4,936 Homeowners Policy (with endorsements) $920 Auto #1 Ryan's 2018 Car $40,000 $0 48 months Purchase Price Down Payment Term Interest Rate Monthly Payment Payments Remaining Balance Auto #2 Tiffany's 2017 Car $35,000 $10,000 48 months 8% $610.32 7% $957.85 20 $28,677.07 $11,392.23
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668a1a2a3a047_697668a1a299da41.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668a1a2b1e939_698668a1a2a683e5.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668a1a2bf1ab3_699668a1a2b5aba2.jpg)
I need to help a couple with their finances for this assignment. I hace to prepare a vertical analysis of their statement of fiancial position and income and expense. Can anyone please help me using these photos?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started