Based on this information that I found on the Charlie Garlied embezzlement case. It was allegedly that
Question:
Based on this information that I found on the Charlie Garlied embezzlement case. It was allegedly that Garfield ?"stole" $30,000 from a trust fund he was administering for the Widow Smith and her three babies.? Garfield allegedly used the stolen money for a $12,500 down payment on a lake cottage and a large powerboat. He then admits that he just bought a Ski Master super powerboat and a lake cottage and provides the purchase invoice for the boat (cost = $29,500) and closing statement for cottage (down payment = $12,500).? Garfield then tells you the $42,000 came from the sale of his old house.
?
Based on my findings from the document how do I determine Proceeds from Sale of Old Residence, Determine Cost of New Residence, Determine Cash Invested in New Residence, and Summarize Findings?? With explanination please.
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DOCUMENT INFORMATION FROM DOCUMENT Document # 1528537 Warranty Deed; Seller: Harvard Builders; Buyers: Charlie R & Susan M Garfield, joint tenants; Property (Homestead) Lot 2 West Martin Hills, Madison, Dare, WI; Transfer Fee: $44.00; Purchase Date: 07/18/x1; Registered with County: 07/19/x1; Sellers Signatures: Harvard Builders' David Wm Crowder, President & Iris J Rockland, Secretary; Consideration not explicated stated - Inferred Sale Price $44,000 (base on Transfer Fee of $1/$1,000 prior to 1/1/x5) Document # 1528538 Mortgage; Dated: 07/18/x1; Borrowers: Charlie R & Susan M Garfield; Lender: Department of Veterans Affairs; Amount Borrowed: $41,100. Property Mortgaged: Lot 2 West Martin Hills, Madison, Dare, WI - address 2300 Warren Rd, Madison, WI, 53713; Final Payment Due: 8/1/xx; Registered in Dare County: 07/19/x1 Inferred Downpayment $2,900 (Sale price $44,000 - Mortgage $41,100) Document # 2057172 Warranty Deed; Seller: Jackson Custom Homes & Construction; Buyers: Charlie R & Susan M Garfield, husband & Wife; Property (Not Homestead) Lot 10, Park Ridge Heights, Madison, Dare, WI; Transfer Fee: $92.70; Purchase Date: 12/01/x6; Registered with County: 12/03/x6; Sellers Signatures: Jackson Custom Homes & Construction's Mary Lou Kay & Thomas W Weber, President; Consideration not explicated stated - Inferred Sale Price $30,900 (base on Transfer Fee of $3/$1,000 on or after 1/1/x5), Not Homestead indicates that it is only the sale of the land, no cottage. Document # 2057173 Mortgage; Dated: 12/01/x6; Borrowers: Charlie R & Susan M Garfield; Lender: First Federal Savings & Loan Association; Amount Borrowed: $121,000(typed words) $122,000 (typed numbers). Property Mortgaged: Lot 10, Park Ridge Heights - address 2000 Jays Place, Madison, WI, 53713 AND Lot 2 West Martin Hills, Madison, Dare, WI - address 2300 Warren Rd, Madison, WI, 53713; Final Payment Due: according to its terms (not provided); Registered in Dare County: 12/03/x6 cument # 2057174 Building Proposal by Barton Inc; Dated: 8/20/x6; For: Charlie & Susan Garfield at 2300 Warren Rd, Madison, WI; Building site: 2000 Jay Place, Madison, WI. Contingent on sale of 2300 Warren Rd, Madison, WI; Cost: $149,000 $49,666.67 due upon acceptance, $49,666.67 due upon drywall completion, $49,666,66 due upon completion; Builder may withdrawal if not accepted in 60 days (10/19/x6); Accepted: 12/1/x6 by Charlie & Susan Garfield. Document # 2068393 Warranty Deed; Seller: Charlie R & Susan M Garfield, husband & Wife; Buyers: James P & Jonny Lee Keene, husband & Wife survivorship marital property; Property (Homestead) Lot 2 West Martin Hills, Madison, Dare, WI; Transfer Fee: $219.00; Purchase Date: 02/26/x7; Registered with County: 02/29/x7; Sellers Signatures: Charlie R & Susan M Garfield; Consideration not explicated stated - Inferred Sale Price $73,000 (base on Transfer Fee of $3/$1,000 on or after 1/1/x5) Document # 2071138 Mortgage Satisfied: Document 1528538 (Lot 2, West Martin Hills, Madison, WI); Lender: Department of Veteran Affairs DOCUMENT INFORMATION FROM DOCUMENT Document # 1528537 Warranty Deed; Seller: Harvard Builders; Buyers: Charlie R & Susan M Garfield, joint tenants; Property (Homestead) Lot 2 West Martin Hills, Madison, Dare, WI; Transfer Fee: $44.00; Purchase Date: 07/18/x1; Registered with County: 07/19/x1; Sellers Signatures: Harvard Builders' David Wm Crowder, President & Iris J Rockland, Secretary; Consideration not explicated stated - Inferred Sale Price $44,000 (base on Transfer Fee of $1/$1,000 prior to 1/1/x5) Document # 1528538 Mortgage; Dated: 07/18/x1; Borrowers: Charlie R & Susan M Garfield; Lender: Department of Veterans Affairs; Amount Borrowed: $41,100. Property Mortgaged: Lot 2 West Martin Hills, Madison, Dare, WI - address 2300 Warren Rd, Madison, WI, 53713; Final Payment Due: 8/1/xx; Registered in Dare County: 07/19/x1 Inferred Downpayment $2,900 (Sale price $44,000 - Mortgage $41,100) Document # 2057172 Warranty Deed; Seller: Jackson Custom Homes & Construction; Buyers: Charlie R & Susan M Garfield, husband & Wife; Property (Not Homestead) Lot 10, Park Ridge Heights, Madison, Dare, WI; Transfer Fee: $92.70; Purchase Date: 12/01/x6; Registered with County: 12/03/x6; Sellers Signatures: Jackson Custom Homes & Construction's Mary Lou Kay & Thomas W Weber, President; Consideration not explicated stated - Inferred Sale Price $30,900 (base on Transfer Fee of $3/$1,000 on or after 1/1/x5), Not Homestead indicates that it is only the sale of the land, no cottage. Document # 2057173 Mortgage; Dated: 12/01/x6; Borrowers: Charlie R & Susan M Garfield; Lender: First Federal Savings & Loan Association; Amount Borrowed: $121,000(typed words) $122,000 (typed numbers). Property Mortgaged: Lot 10, Park Ridge Heights - address 2000 Jays Place, Madison, WI, 53713 AND Lot 2 West Martin Hills, Madison, Dare, WI - address 2300 Warren Rd, Madison, WI, 53713; Final Payment Due: according to its terms (not provided); Registered in Dare County: 12/03/x6 cument # 2057174 Building Proposal by Barton Inc; Dated: 8/20/x6; For: Charlie & Susan Garfield at 2300 Warren Rd, Madison, WI; Building site: 2000 Jay Place, Madison, WI. Contingent on sale of 2300 Warren Rd, Madison, WI; Cost: $149,000 $49,666.67 due upon acceptance, $49,666.67 due upon drywall completion, $49,666,66 due upon completion; Builder may withdrawal if not accepted in 60 days (10/19/x6); Accepted: 12/1/x6 by Charlie & Susan Garfield. Document # 2068393 Warranty Deed; Seller: Charlie R & Susan M Garfield, husband & Wife; Buyers: James P & Jonny Lee Keene, husband & Wife survivorship marital property; Property (Homestead) Lot 2 West Martin Hills, Madison, Dare, WI; Transfer Fee: $219.00; Purchase Date: 02/26/x7; Registered with County: 02/29/x7; Sellers Signatures: Charlie R & Susan M Garfield; Consideration not explicated stated - Inferred Sale Price $73,000 (base on Transfer Fee of $3/$1,000 on or after 1/1/x5) Document # 2071138 Mortgage Satisfied: Document 1528538 (Lot 2, West Martin Hills, Madison, WI); Lender: Department of Veteran Affairs
Expert Answer:
Proceeds from the Sale of Old Residence The old residence was sold to James P Jonny Lee Keene The in... View the full answer
Auditing An International Approach
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6th edition
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