Q1: Using the asset and liability information, in EXCEL develop a balance sheet. Assume there are no unpaid bills.

MATURITY N/A N/A ASSETS - January 1, Current Year (all assets are community property) LOCATION BALANCE RATE OF INTEREST CHECKING First National Bank $2,646 0.25% SAVINGS First National Bank $6,348 1.0% MONEY MARKET American State $5,242 2.25% Bank ACCOUNT CDS First National Bank $6,000 3.2% E-Trade Bank $2,000 2.2% 5/1/2022 8/1/2020 CASH ON HAND $422 2 N Total SECURITY INVESTMENTS # Security Shares 150 Microsoft (MSFT) 100 Wal-Mart stock (WMT) 50 Barnes & Noble (BKS) 50 Apple Inc. (AAPL) 200 Fidelity Puritan Mutual Fund (FPURX) 75 T. Rowe Price Science/Tech (PRSCX) REAL PROPERTY Year Make Automobile: 2012 Nissan Automobile: 2014 Mercedes House: 2000 Cost of Basis Date Per Acquired Share 7/1999 49.63 7/2005 46.25 9/2006 36.15 10/2010 282.28 10/1995 12.24 7/2010 14.50 7,445 4,625 1,807 14,114 2,448 4,350 Current Value Per Total Share 125.35 18,803 103.17 10,317 4.50 225 183.34 9.167 21.30 4,260 36.31 2,723 Model Pathfinder CLS550 Cost Current Value $31,730 $5,850 $71,300 $22,325 $240,000 $285,000 (Replacement value = $300,000) PERSONAL PROPERTY Furniture & appliances Stereos, TVs, cameras, etc. Clothing & Jewelry Computer, printer, & software Baseball card collection Exercise equipment Toys, books, & children's games Miscellaneous household items Market Value $40,000 $8,000 $19,550 $7,500 $8,500 $1,800 $1,500 $6,300 Replacement Value $56,000 $17,000 $26,000 $10,750 $7,500 $2,800 $4,000 $10,000 How often paid Monthly Total # of Payments Date of First Payment 9/1/2015 60 $ $ Monthly 60 12/1/2014 LIABILITIES (all liabilities are community property debt) Original Current Int. To whom Property Amount Balance Payment Rate owed or Service of (as of Jan 1, Amount Account Purchased Current Year) GMAC 27,500 Nissan 4.75$ Pathfinder Texas Tech 67,000 Mercedes 5.50 Credit CLS550 Union Nationwide 210,000 House 5.25 Mortgage Co. Department 36,000 Student 6.50 $ of Education Loans Wells Fargo 78,000 Student 7.25$ Education Loans *Calculate the amounts that are missing using TVM calculations. $ Monthly 360 5/1/2009 $ Monthly 240 7/1/2006 A Monthly 240 7/1/2011 No CREDIT CARDS - January 1, Current Year Annual Interest Credit Outstanding Min. Grace Calculation Fee Rate Limit Balance Payment Period Method Discover $0 14.5% $2,500 $2,304 20% of Yes Av. Daily Balance or $50 Balance Visa $0 22.9% $10,000 $441 5% of Balance Yes Av. Daily or $25 Balance American $35 12.0% $10,000 $6,481 10% of No Av. Daily Express Balance or $20 Balance Beall's $0 18.0% $500 SO 3% of Balance Av. Daily or $40 Balance Dillard's $0 24.5% $3,000 $696 10% of Yes Av. Daily balance or $50 Balance Only minimum payments are made each month on all credit cards CURRENT YEAR INCOME Gross Income Chips Salary $72,000 Joanna's Salary $208,000 Interest $175 Dividends $260 Capital gains distributions $169 Sale of Securities Amana Trust Growth Mutual Fund (AMAGX) $5,456 1. Checking ($7/year), savings ($27 a year), money market account ($141 a year, paid in August). 2. Fidelity Puritan ($232) and T. Rowe Price ($28 a year). All dividends paid in December. 3. Microsoft ($83) and Apple ($190). Distributions paid in December. 4. 200 shares purchased May 16 at $17.06/share and sold December at $27.28/share. MATURITY N/A N/A ASSETS - January 1, Current Year (all assets are community property) LOCATION BALANCE RATE OF INTEREST CHECKING First National Bank $2,646 0.25% SAVINGS First National Bank $6,348 1.0% MONEY MARKET American State $5,242 2.25% Bank ACCOUNT CDS First National Bank $6,000 3.2% E-Trade Bank $2,000 2.2% 5/1/2022 8/1/2020 CASH ON HAND $422 2 N Total SECURITY INVESTMENTS # Security Shares 150 Microsoft (MSFT) 100 Wal-Mart stock (WMT) 50 Barnes & Noble (BKS) 50 Apple Inc. (AAPL) 200 Fidelity Puritan Mutual Fund (FPURX) 75 T. Rowe Price Science/Tech (PRSCX) REAL PROPERTY Year Make Automobile: 2012 Nissan Automobile: 2014 Mercedes House: 2000 Cost of Basis Date Per Acquired Share 7/1999 49.63 7/2005 46.25 9/2006 36.15 10/2010 282.28 10/1995 12.24 7/2010 14.50 7,445 4,625 1,807 14,114 2,448 4,350 Current Value Per Total Share 125.35 18,803 103.17 10,317 4.50 225 183.34 9.167 21.30 4,260 36.31 2,723 Model Pathfinder CLS550 Cost Current Value $31,730 $5,850 $71,300 $22,325 $240,000 $285,000 (Replacement value = $300,000) PERSONAL PROPERTY Furniture & appliances Stereos, TVs, cameras, etc. Clothing & Jewelry Computer, printer, & software Baseball card collection Exercise equipment Toys, books, & children's games Miscellaneous household items Market Value $40,000 $8,000 $19,550 $7,500 $8,500 $1,800 $1,500 $6,300 Replacement Value $56,000 $17,000 $26,000 $10,750 $7,500 $2,800 $4,000 $10,000 How often paid Monthly Total # of Payments Date of First Payment 9/1/2015 60 $ $ Monthly 60 12/1/2014 LIABILITIES (all liabilities are community property debt) Original Current Int. To whom Property Amount Balance Payment Rate owed or Service of (as of Jan 1, Amount Account Purchased Current Year) GMAC 27,500 Nissan 4.75$ Pathfinder Texas Tech 67,000 Mercedes 5.50 Credit CLS550 Union Nationwide 210,000 House 5.25 Mortgage Co. Department 36,000 Student 6.50 $ of Education Loans Wells Fargo 78,000 Student 7.25$ Education Loans *Calculate the amounts that are missing using TVM calculations. $ Monthly 360 5/1/2009 $ Monthly 240 7/1/2006 A Monthly 240 7/1/2011 No CREDIT CARDS - January 1, Current Year Annual Interest Credit Outstanding Min. Grace Calculation Fee Rate Limit Balance Payment Period Method Discover $0 14.5% $2,500 $2,304 20% of Yes Av. Daily Balance or $50 Balance Visa $0 22.9% $10,000 $441 5% of Balance Yes Av. Daily or $25 Balance American $35 12.0% $10,000 $6,481 10% of No Av. Daily Express Balance or $20 Balance Beall's $0 18.0% $500 SO 3% of Balance Av. Daily or $40 Balance Dillard's $0 24.5% $3,000 $696 10% of Yes Av. Daily balance or $50 Balance Only minimum payments are made each month on all credit cards CURRENT YEAR INCOME Gross Income Chips Salary $72,000 Joanna's Salary $208,000 Interest $175 Dividends $260 Capital gains distributions $169 Sale of Securities Amana Trust Growth Mutual Fund (AMAGX) $5,456 1. Checking ($7/year), savings ($27 a year), money market account ($141 a year, paid in August). 2. Fidelity Puritan ($232) and T. Rowe Price ($28 a year). All dividends paid in December. 3. Microsoft ($83) and Apple ($190). Distributions paid in December. 4. 200 shares purchased May 16 at $17.06/share and sold December at $27.28/share