Question: Using the given information create a net worth statement: Personal Liabilities Monetary Assets $6,700.00 (J) Checking Account Current Bills $-(J) Checking Account $ 14,000.00 (H)

Using the given information create a net worth statement:

Using the given information create a net worth statement: Personal Liabilities Monetary

Personal Liabilities Monetary Assets $6,700.00 (J) Checking Account Current Bills $-(J) Checking Account $ 14,000.00 (H) Short-Term Debt $-(J) Visa MasterCard $ 40,000.00 (J) $ 30,000.00 (J) Savings Account $ 37,000.00 (J) Total Monetary Assets $57,700.00 Investment Assets MNO Brokerage Account $ 350,000.00 (J) 401(k) Account $1,400,000.00 (H) $20,000.00 (H) $30,000.00 (J) $120,000.00 IRA Account ABC Brokerage Account XYZ Brokerage Account Life Insurance Cash Value Total Investment Assets $ 169,000.00 (W) $ 905,628.81 (H) $ 720,000.00 (H) $ 82,500.00 (H) $3,627,128.81 Discover Store Cards Total Personal Liabilities Mortgages Primary Residence St. Petersburg Condo Las Vegas Condo Home Equity Loan Total Mortgage Liabilities Vehicle Debt ??? (J) ??? (J) ??? (J) ??? (J) ??? Assets Associated with Sancho's Business Golf Club Membership Plane Timeshare Savings, Cash & Checking Acd Total Business Assets $ 75,000.00 (H) $ 400,000.00 (H) $ 11,000.00 (H) $486,000.00 2018 Lexus $35,540.00 (J) 201X Land Rover $ 65,899.00 (J) 201X BMW $23,110.00 (H) 2018 Harley Davidson Motorcycle $- (H) Total Vehicle Liabilities $124,549.00 Real Estate LLC Assets Other Liabilities Furniture Loan College Loans Bank Loan Total Other Liabilities $ 60,000.00 (J) $213,000.00 (J) $273,000.00 Las Vegas Condo $295,000 (LLC) Florida Condo $500,000.00 (LLC) Total LLC Assets $795,000.00 Housing Assets Primary Residence $ 1,300,000.00 (J) St. Petersburg Condo $385,000.00 (J) Las Vegas Condo $ 300,000.00 (J) Total Housing Assets $1,985,000.00 Vehicles 2018 Lexus $ 45,000.00 (J) 201X Land Rover $ 60,000.00 (J) 201X BMW $ 43,000.00 (H) 2017 Harley Davidson Motorcycl $ 16,500.00 (H) Total Vehicle Assets $164,500.00 Personal Assets Artwork $ 79,000.00 (J) Jewelry $ 135,000.00 (W) Coins and Stamps $ 19,000.00 (H) Furniture and Household Goods $ 200,000.00 (J) Jet Skis $ 30,000.00 (J) 37 Foot Sailboat $ 83,000.00 (H) Golf Equipment $ 15,000.00 (H) Other $ 250,000.00 (J) Total Personal Assets $811,000.00 TOTAL ASSETS $7,426,328.81

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!