Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i really need help with this problem, please help 1. Auto: 2010 Suburban (cost) 28,175 2. Auto: 2007 Honda Pilot (cost) 24,500 3. Henry's salary

i really need help with this problem, please help
image text in transcribed
image text in transcribed
image text in transcribed
1. Auto: 2010 Suburban (cost) 28,175 2. Auto: 2007 Honda Pilot (cost) 24,500 3. Henry's salary 45,000 4. Balance due on American Express credit card 1,350 5. Balance due on Master Card 650 6. Balance due on Visa credit card 150 7. Primary home 320,000 8. Stephanie's diamond earrings 6,125 9. The total balance remaining on their mortgage is 266,667 10. Amount paid last month for a telephone is 500 In addition, the Sekkide's provided the following Information: Based on comparable homes listed for sale in their neighborhood, the Sekkide'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 $889 per month A reliable Jeweler said that Stephanie'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 Henry and Stephanie'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. Balance Sheet Name: Henry and Stephanie Sekkide Date: December 31, 2017 Dollars 300 ASSETS Monetary Assets Cash on hand Savings account Checking account Total monetary assets Tangible Assets 45,000 36,000 81,300 Total tangible assets Investment Assets Mutual funds 5,565 13,250 10,600 5,300 6,625 Bonds Life Insurance cash value IRAS Total investment assets (1) Total Assets LIABILITIES Short-Term Liabilities Current portion of mortgage Credit card debt Property taxes 2,400 LA Ch 03: Assignment - Financial Statements, Tools, and Buogels $ Total tangible assets Investment Assets Mutual funds 5,565 13,250 10,600 5,300 6,625 $ Bonds Life insurance cash value IRAS Total investment assets (1) Total Assets LIABILITIES Short-Term Liabilities Current portion of mortgage Credit card debt Property taxes Auto loan Total short-term liabilities Long-Term Liabilities Long-term portion of mortgage Total long-term liabilities (2) Total Liabilities Net Worth (1)-(2) Total Liabilities and Net Worth 2,400 750 $ $ $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Michelle Hanlon, Robert Magee, Glenn Pfeiffer, Thomas Dyckman

5th Edition

1618531654, 9781618531650

More Books

Students also viewed these Accounting questions

Question

=+b) In which graph is a larger value of a used?

Answered: 1 week ago