Question: A and B please Question #2 Creating a balance sheet Use Worksheet 2.1. Katie Wright's banker has asked her to submit a personal balance sheet

 A and B please Question #2 Creating a balance sheet Use

A and B please

Worksheet 2.1. Katie Wright's banker has asked her to submit a personal

balance sheet as of June 30, 2020, in support of an application

Question #2 Creating a balance sheet Use Worksheet 2.1. Katie Wright's banker has asked her to submit a personal balance sheet as of June 30, 2020, in support of an application for a $3,000 home improvement loan. She comes to you for help in preparing it. So far, she has made the following list of her assets and liabilities as of June 30, 2016: 70 180 600 Cash on hand Balance in checking account Balance in money market deposit account with Southwest Savings Bills outstanding: Telephone Electricity Charge account balance Visa MasterCard Taxes I Insurance Condo and property Condo mortgage loan Automobile: 2016 Honda Civic Installment loan balances: Auto loans Furniture loan Personal property: Furniture Clothing Investments: 20 70 190 180 220 400 220 $1,300 66,000 52,000 12,000 3,000 500 3,500 1,050 900 1,950 U.S. government savings bonds 500 Apple Stock 3,000 3,500 From the data given, prepare Katie Wright's balance sheet, dated June 30, 2020 (follow the balance sheet form shown in Worksheet 2.1). Then evaluate her balance sheet relative to the following factors: (a) solvency, (b) liquidity, and (c) equity in her dominant asset. Balance Sheet Name(s): Katie Wright Date: 30-Jun-20 Assets Liabilities and Net Worth Liquid assets: Current liabilities: 70 Cash on hand. 90 Utilities $ In checking 180 Rent Savings accounts 600 Insurance premiums 220 Money Market funds and deposits Taxes 400 Medical/dental bills Certificates of deposit (

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!