1. Jack Plummer, a factory worker, asks you to help him find out how much he is worth. He gives the following info:

a. His cash on hand is $1800.

b. He owns Canada Savings Bonds worth $1000.

c. He owns a home valued at $385 000 that has a mortgage on it of $84 000.

d. He owns an automobile that he bought for $16 200, and still owes Ace Finance $1800 for it.

e. He owns a summer property valued at $130 000, which he bought with money borrowed from the bank.

Since the time of purchase, he has paid $37 000 of the loan.

f. He has unpaid bills amounting to $3000.

g. He owes his father, M. Plummer, the sum of $50 000, which he borrowed interest free several years ago at the time he bought his home.

h. He owns furniture valued at $6000.

Consider the following:

Arrange assets in order of liquidity, that is how quickly assets can convert into cash

(Hint: cash is the most liquid asset and thus goes first and house is the least liquid asset and thus goes last)

Arrange liabilities in order of debt repayment, who you pay first

(Hint: Unpaid bills you need to pay first and mortgage last)

There are two Loan payables and two mortgage payables.

Required:

create a personal balance sheet for Jack Plummer dated June 1 of the current year.