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Thanks The following information is provided by Luis Castro and Family on December 31, 2020. Cash (on hand, checking and savings accounts) 12,000 Time deposits
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The following information is provided by Luis Castro and Family on December 31, 2020. Cash (on hand, checking and savings accounts) 12,000 Time deposits 160,000 Premium savings accounts 125,000 Treasury bills 200,000 Trust investments 300,000 Stocks (publidy listed) at market value 340,000 Bonds ( 5 years) 250,000 Real Estate (other than residential house and lot occupied by the family 900,000 Precious metals and stones 120,000 Residential house and lot 800,000 Cars 500,000 Jewelry 120,000 Memorial lots 110,000 Prepaid educational plans 70,000 Prepaid life and fire insurance 15,000 Accounts payable for purchases made ) 85,000 Cash advances from banks, employer 265,000 Mortgage payable on real estate acquired 200,000 Mortgage payable on residential house being occupied 120,000 Luis Castro and family, capital 3,352,000 Required : Prepare a Personal Balance sheet of Luis Castro and Family on December 31, 2020Step by Step Solution
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