please create a balance sheet with the given data
You learned that John is 30 years old, Laura is 29 years old and their daughter, Bessie, is 6 years old. John earns $135,000 per year as a manager at an oil exploration company, while Laura is an administrative assistant to the President at a local college and earns $72,500 annually. They each contribute to their pre-tax retirement accounts. John's is a 401(k) plan with a dollar- for-dollar match on the first 6% of income contributed. Laura's plan is a 403(b) with a $0.50 on the $1.00 match on the first 9% contributed. They are both currently contributing 5% of their salaries to their retirement plan. Both are fully vested in these plans, and they have had good success with the returns from their mutual funds in their tax-deferred accounts with an average annual rate of return of about 5.5%. In addition to retirement contributions, other payroll deductions include Social Security (FICA) plus federal, state, and local income tax. Their federal income tax withholding is 16.5% of their gross salaries, and this has historically been very close to equaling their tax liability. State taxes are 4.1% and local taxes are 2.25%. John, Laura and Bessie are all covered under Laura's health insurance plan from work because her plan is superior to John's employer plan. Her monthly payroll deduction for health insurance is $472. By way of assets, the Rockefellers have a joint checking account with a balance of $6,585, their respective 401(k) (John) and 403(b) (Laura) balances are $82,335 and $41,110. Neither owns stocks outside of their retirement accounts. Laura has a "rainy day savings account with $6,230 in it, while John has a money market account with a balance of $9,008. Six months ago, Laura's favorite aunt passed away and Laura received a life insurance settlement of $100,000. Laura put this money in a money market mutual fund as she and John would like your help in deciding how to best use it to meet their goals. The current balance is $100,125. John has a baseball card collection inherited from his father valued at $8,000. Laura owns a toy train collection she inherited from her father which cost a total of $13,250 and was recently appraised for property insurance purposes at $4,950, but which she believes would only fetch $4,000 if she had to sell it today. John also owns a life insurance policy on his life with a face value of $200,000, a current cash value of $8,100, and an annual premium of $2,925. He also has term-life insurance with a face value of 2.0 times his salary that his employer pays for. John and Laura own their home in Akron, Ohio, currently assessed for property taxes at $312,000, and aggregate property taxes run 2.25% of taxable value annually. Their original mortgage, taken out five years ago, was for $232, 000 financed for 30 years at 3.75%. Their monthly mortgage payment for principle and interest is $_ , and after making 59 monthly payments their current mortgage balance is $ The annual cost of their homeowner's insurance is $2,020. In their home, they estimated that their home furnishings are currently worth $80,000, including a new living room set that cost $4,450 they purchased with funds from John's money market account in 2015. Laura drives a 2015 BMW with a blue book value of $19,000 (fully paid for), while John just bought a 2019 BMW M5 SUV last Fall (September 2019) that cost him $46,500. He was miserable when he checked his new SUV's blue book value and saw that the value had depreciated to $39.900 in the short time he has had the vehicle. His original loan was for loan balance is $38,000, financed for 5 years at 3.75%. His monthly payment is $ . John also owns a 2009 BMW motorcycle, which he thinks is worth $7,000. He bought it about two years ago for $9,900, financed it for four years at 5.99%. He still owes $ on the bike after 24 payments, and his payments are $ month. John's combined vehicle insurance for both his car and motorcycle average $275/month, while Laura's auto coverage is $205 monthly. The Rockefellers typically spend $1,150 a month for food (65% for groceries/35% eating out), $750 a month for childcare, $600 each month on entertainment, and $5,000 each year for clothing. Auto maintenance typically costs them about $2,500 a year, and they average $340/month in gas. Total utilities (electricity, gas, water, and cable) average $680 per month. Out-of-pocket medical expenses are $1,500 annually. They spend about $2,500 on gifts annually, and $3,600 each year on charitable contributions At the moment, they have a couple credit cards with balances they are trying to get paid off. Their aggregate monthly credit card balance is $21,000, and they regularly pay $1,200 each month in credit card bills. All new credit card purchases are now paid off upon billing. Twelve months ago, they started a college fund for Bessie, and contribute $400 each month in the Vanguard S&P 500 Index ETF; the account balance is now $5,575. John has an outstanding student loan with 4.55% interest rate that will be paid off May 31, 2020. Monthly payments are $257. You learned that John is 30 years old, Laura is 29 years old and their daughter, Bessie, is 6 years old. John earns $135,000 per year as a manager at an oil exploration company, while Laura is an administrative assistant to the President at a local college and earns $72,500 annually. They each contribute to their pre-tax retirement accounts. John's is a 401(k) plan with a dollar- for-dollar match on the first 6% of income contributed. Laura's plan is a 403(b) with a $0.50 on the $1.00 match on the first 9% contributed. They are both currently contributing 5% of their salaries to their retirement plan. Both are fully vested in these plans, and they have had good success with the returns from their mutual funds in their tax-deferred accounts with an average annual rate of return of about 5.5%. In addition to retirement contributions, other payroll deductions include Social Security (FICA) plus federal, state, and local income tax. Their federal income tax withholding is 16.5% of their gross salaries, and this has historically been very close to equaling their tax liability. State taxes are 4.1% and local taxes are 2.25%. John, Laura and Bessie are all covered under Laura's health insurance plan from work because her plan is superior to John's employer plan. Her monthly payroll deduction for health insurance is $472. By way of assets, the Rockefellers have a joint checking account with a balance of $6,585, their respective 401(k) (John) and 403(b) (Laura) balances are $82,335 and $41,110. Neither owns stocks outside of their retirement accounts. Laura has a "rainy day savings account with $6,230 in it, while John has a money market account with a balance of $9,008. Six months ago, Laura's favorite aunt passed away and Laura received a life insurance settlement of $100,000. Laura put this money in a money market mutual fund as she and John would like your help in deciding how to best use it to meet their goals. The current balance is $100,125. John has a baseball card collection inherited from his father valued at $8,000. Laura owns a toy train collection she inherited from her father which cost a total of $13,250 and was recently appraised for property insurance purposes at $4,950, but which she believes would only fetch $4,000 if she had to sell it today. John also owns a life insurance policy on his life with a face value of $200,000, a current cash value of $8,100, and an annual premium of $2,925. He also has term-life insurance with a face value of 2.0 times his salary that his employer pays for. John and Laura own their home in Akron, Ohio, currently assessed for property taxes at $312,000, and aggregate property taxes run 2.25% of taxable value annually. Their original mortgage, taken out five years ago, was for $232, 000 financed for 30 years at 3.75%. Their monthly mortgage payment for principle and interest is $_ , and after making 59 monthly payments their current mortgage balance is $ The annual cost of their homeowner's insurance is $2,020. In their home, they estimated that their home furnishings are currently worth $80,000, including a new living room set that cost $4,450 they purchased with funds from John's money market account in 2015. Laura drives a 2015 BMW with a blue book value of $19,000 (fully paid for), while John just bought a 2019 BMW M5 SUV last Fall (September 2019) that cost him $46,500. He was miserable when he checked his new SUV's blue book value and saw that the value had depreciated to $39.900 in the short time he has had the vehicle. His original loan was for loan balance is $38,000, financed for 5 years at 3.75%. His monthly payment is $ . John also owns a 2009 BMW motorcycle, which he thinks is worth $7,000. He bought it about two years ago for $9,900, financed it for four years at 5.99%. He still owes $ on the bike after 24 payments, and his payments are $ month. John's combined vehicle insurance for both his car and motorcycle average $275/month, while Laura's auto coverage is $205 monthly. The Rockefellers typically spend $1,150 a month for food (65% for groceries/35% eating out), $750 a month for childcare, $600 each month on entertainment, and $5,000 each year for clothing. Auto maintenance typically costs them about $2,500 a year, and they average $340/month in gas. Total utilities (electricity, gas, water, and cable) average $680 per month. Out-of-pocket medical expenses are $1,500 annually. They spend about $2,500 on gifts annually, and $3,600 each year on charitable contributions At the moment, they have a couple credit cards with balances they are trying to get paid off. Their aggregate monthly credit card balance is $21,000, and they regularly pay $1,200 each month in credit card bills. All new credit card purchases are now paid off upon billing. Twelve months ago, they started a college fund for Bessie, and contribute $400 each month in the Vanguard S&P 500 Index ETF; the account balance is now $5,575. John has an outstanding student loan with 4.55% interest rate that will be paid off May 31, 2020. Monthly payments are $257
