Balance Sheet Data

Also prepare a balance sheet for them as of January 1, 2020 assuming the following information that Mary has gleaned from bank and investment account statements, life insurance contracts, a household inventory, and real estate documents. The biggest asset they own is their home. They purchased the home a few years ago for $225,000. The tax assessed value (used to calculate their property taxes is $250,000. A very recent appraisal was done on the property by an expert, independent real estate appraiser and showed an estimated market value of $300,000. The appraisal was done because the couple were thinking about refinancing their home mortgage but decided to wait a bit longer. Currently, the mortgage balance on the home is $200,000 and they owe $1,500 in property taxes as of 1/1/20. A small home improvement loan balance, which they used to fix up a bathroom, is $2,000. They borrowed the money from Johns Dad who wont demand repayment for another 2 years.

Mary reviews the bank statement and sees that their checking account balance as of 1/1/20 is $5,000 and they have another $10,000 in a passbook savings account at their credit union. They also have a certificate of deposit at Bank of America of $2,000.

In 2015, the couple bought a new car for $25,000 and the current estimated value per Kellys Bluebook of Used Cars is only $12,000. Furniture is estimated at $10,000 and Marys engagement ring was recently valued by a jewelry shop at $4,000.

Their investment portfolio (they own some shares of stock in a few corporations) cost $3,000 and their market value as of the close of the stock market on December 31, 2019 was $6,000. Their life insurance policy has a death benefit of $500,000 (if either one of them dies, the survivor will receive $500,000) and a cash surrender value of $4,000 which they could cash-in if they needed to or could borrow against it.

Between their employers 401(k) plan and their IRAs, the couple have a market value of $35,000. They recently used their credit cards for a vacation and holiday gifts and have an outstanding balance of $3,000.

John recently did some consulting work on the side and is owed $3,000. He believes he will collect that in February.

Finally, the total amount owed in student loans is $15,000.

Can someone check my balance sheet and let me know your thoughts?

Assets	Amount in Dollars
Cash - checking accounts	$ 5,000
Cash - savings accounts	10,000
Certificates of deposit	2,000
Securities - stocks / bonds / mutual funds	6,000
Accounts receivable	3,000
Life insurance (cash surrender value)	4,000
Personal property (autos, jewelry, etc.)	26,000
Retirement Funds (eg. IRAs, 401k)	35,000
Real estate (market value)	300,000
Other assets (specify)	-
Other assets (specify)	-
Total Assets	$ 391,000
Liabilities	Amount in Dollars
Current Debt (Credit cards)	$ 3,000
Notes payable	-
Taxes payable	1,500
Real estate mortgage	200,000
Other liabilities - Borrowed Money from John's Dad	2,000
Other liabilities - Student Loan	15,000
Total Liabilities	$ 221,500
Net Worth	$ 169,500