One of your financial planning clients, Ms Yvette Bordeaux wants to know what her net worth amounts to. Yvette is a 33-year-old employed landscape gardener and has a gross income of $55,000 for the 2020 financial year. In addition, Yvette’s employer also contributes 9.5% of her gross income into a personal superannuation fund that you have set up to fund her retirement. Fortnightly salary deductions (based on gross income) for Yvette are as follows:

Details	Percentage
Taxation	20
Personal super contributions over an above the superannuation guarantee	7
Health cover	3
Union fees	2

Other expenditures incurred by Yvette for the 2018 financial year are as follows:

Details	Amount ($)
Household expenses	10,000
Mortgage loan repayments	12,000
Credit card repayments	8,000
Entertainment expenses	5,000

Yvette has also provided a list of her assets and liabilities based on the information that she currently has available as shown below:

Details	Amount ($)
Assets -
House and personal effects	400,000
Superannuation	160,000
Car	10,000
Savings account	2,000
Liabilities -
Mortgage loan	250,000
Credit card balance	10,000

Prepare a current personal balance sheet for Yvette based on the information provided.

Answer rating: 100% (QA)

Cash flow Gross income 55000 Deduction Union fee 55000 2 1100 Health cover 55000 3 1650 Personal contribution to superannuation 55000 7 3850 Income be... View the full answer