Chapter 2 Financial Planning Exercise 3 Preparing personal 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: 180 Cash on hand Balance in checking account Balance in money market deposit account with Southwest Savings Bills outstanding: 580 Telephone Electricity Charge account balance vi MasterCard Taxes $1,300 Insurance Condo and property Condo mortgage loan Automobile: 2016 Honda Civic Installment loan balances: 74,000 55,000 12,000 Auto loans 3,000 500 3,500 Furniture loan Personal property Personal property: Furniture 1,050 Clothing 900 1,950 Investments: 500 U.S. government savings bonds 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 Name(s): Katie Wright Balance Sheet Date: 30-Jun-20 Liabilities and Net Worth Assets Current liabilities: Utilities Liquid assets Cash on hand In checking Savings accounts Money Market funds and deposits Rent Insurance premiums Taxes Medical/dental bills Repair bills Certificates of deposit (