Your client, Bob Jones called and said that as part of his homework from your last...

 

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Your client, Bob Jones called and said that as part of his homework from your last meeting he had compiled a list of assets and other financial information and would email it in. Later that day, you received his information. His assets included a house worth $300,000, around $350,000 in marketable securities, a Roth IRA with a $42,000, two cars worth $40,000 with loans against them of $15,000, jewelry worth $5,000, artwork valued at $5,000, and a 401k plan at work that his wife has with a balance of $78,000. Their household furniture and furnishings are worth about $25,000. Bob and his wife also have a money market account at the local bank with a balance of $1,500 and a checking account worth $3,200. Bob has earned a bonus at work that has not yet been paid net of taxes of $4,200. The have current credit card balances of $12,000 and a mortgage owed of $180,000. lication Tasks and Questions: Construct a complete balance sheet for the Joneses. How does it look to you? What would you explain to Bob and his wife about it? Your client, Bob Jones called and said that as part of his homework from your last meeting he had compiled a list of assets and other financial information and would email it in. Later that day, you received his information. His assets included a house worth $300,000, around $350,000 in marketable securities, a Roth IRA with a $42,000, two cars worth $40,000 with loans against them of $15,000, jewelry worth $5,000, artwork valued at $5,000, and a 401k plan at work that his wife has with a balance of $78,000. Their household furniture and furnishings are worth about $25,000. Bob and his wife also have a money market account at the local bank with a balance of $1,500 and a checking account worth $3,200. Bob has earned a bonus at work that has not yet been paid net of taxes of $4,200. The have current credit card balances of $12,000 and a mortgage owed of $180,000. lication Tasks and Questions: Construct a complete balance sheet for the Joneses. How does it look to you? What would you explain to Bob and his wife about it?

Answer rating: 100% (QA)

Based on the information provided here is a complete balance sheet for the Joneses Joneses Household ... View the full answer