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Mr. V-BATAM Name As of September 15, 2019, Mr. V has the following Assets. A Computer worth $1600, $37 000 in cash, a car worth
Mr. V-BATAM Name As of September 15, 2019, Mr. V has the following Assets. A Computer worth $1600, $37 000 in cash, a car worth $25 000 and other possessions worth $1000. Mr. V has the following liabilities: $37 000 in bank loans, a $95 000 loan from his parents, a $1200 credit card bill, and a $75 phone bill. A) Create T-Accounts for all of the above accounts and use them to record the following transactions made by Mr. V during the month of September. Remember to calculate Mr. V's Opening Net Worth. 1. Mr. V buys coffee for $100 on September 1 2. Mr. V Pays $600 for his rent for September on September 2nd 3. Mr. V Prepays $600 for his rent for October on September 3rd 4. Mr. V wins $10 000 cash in a lottery on September 4th 5. Mr. V gets a haircut for $25 on September 5th 6. Mr. V is paid $4000 salary for teaching on September 6th 7. Mr. V pays $2000 of his bank loan on September 6th 8. Mr. V pays $100 interest on his bank loan on September 6th 9. Mr. V buys coffee for $10 on September 7th 10. Mr. V pays his $1200 credit card bill on September 11th 11. Mr. V pays his $75 phone bill on September 13th 12. Mr. V buys coffee for $10 on September 15th 13. Mr. V pays $100 interest on his loans on September 16th 14. Mr. V buys a $800 desk chair using his credit card on September 19th 15. Mr. V uses gets a bill for his phone for $75 which he will pay next month on September 21 16. Mr. V sells his car for $25 000 on September 25th 17. Mr. V buys a new car worth $35 000 using $18 000 cash, and a $17 000 bank loan on September 25th 18. Mr. V purchases a house worth $250 000 using $100 000 Cash and a $150 000 Mortgage on September 30th B) Use your T-Accounts to create an income statement for Mr. V for September. C) Calculate Mr. V's New Net Worth. D) Use your T-Accounts and income statements to create a balance sheet for Mr. V on October 1st
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