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Balance Sheet Name(s): Steve and Bonnie Foster Date: December 31, 2022 Assets Liquid Assets Cash Checking Savings Total Liquid Assets: Liabilities and Net Worth Current Liabilities $663.30 Electric $350.17 729.63 Water 150.07 829.13 Insurance premiums 250.13 $2,222.06 Taxes 362.50 Mortgage 2,416.67 Auto 750.38 MasterCard 650.33 Investments Retirement funds, $3,189.38 IRA Total Investments: $3,189.38 Total Current Liabilities: Long-Term Liabilities Primary residence $116,000.16 mortgage $469,800.00 Total Long-Term Liabilities: Real Property Primary residence $469,800.00 Total Real Property: Personal Property Honda Pilot $34,485.00 Total Personal $34,485.00 Property: $4,930.250 $116,000. 180 (2) Total Liabilities: (1) Total Assets: $509,696.440 Net Worth (1) - (2): $120,930,410 $388,766.030 Total Liabilities and Net Worth: $509,696.440 Based on the completed balance sheet, the Fosters' net worth is $388,766.030 It isn't just the preparation of a balance sheet but the interpretation of the date that can reveal a family's financial condition. Steve and Bonnie Foster are both age 44. What conclusions can you draw? With their balance sheet in place, Steve and Bonnie can compare their total liabilities to their total assets to generate a more realistic view of their current wealth position. would be considered their dominant asset. • Their home • ⚫ Based on their liabilities, it does not appear that they have adequate liquid assets to meet their bill payments and to cover any small, unexpected expenses. • Their balance sheet lists their house at 8% higher than the purchase price. The equity in their home is S

Balance Sheet Name(s): Steve and Bonnie Foster Date: December 31, 2022 Assets Liquid Assets Cash Checking Savings Total Liquid Assets: Liabilities and Net Worth Current Liabilities $663.30 Electric $350.17 729.63 Water 150.07 829.13 Insurance premiums 250.13 $2,222.06 Taxes 362.50 Mortgage 2,416.67 Auto 750.38 MasterCard 650.33 Investments Retirement funds, $3,189.38 IRA Total Investments: $3,189.38 Total Current Liabilities: Long-Term Liabilities Primary residence $116,000.16 mortgage $469,800.00 Total Long-Term Liabilities: Real Property Primary residence $469,800.00 Total Real Property: Personal Property Honda Pilot $34,485.00 Total Personal $34,485.00 Property: $4,930.250 $116,000. 180 (2) Total Liabilities: (1) Total Assets: $509,696.440 Net Worth (1) - (2): $120,930,410 $388,766.030 Total Liabilities and Net Worth: $509,696.440 Based on the completed balance sheet, the Fosters' net worth is $388,766.030 It isn't just the preparation of a balance sheet but the interpretation of the date that can reveal a family's financial condition. Steve and Bonnie Foster are both age 44. What conclusions can you draw? With their balance sheet in place, Steve and Bonnie can compare their total liabilities to their total assets to generate a more realistic view of their current wealth position. would be considered their dominant asset. • Their home • ⚫ Based on their liabilities, it does not appear that they have adequate liquid assets to meet their bill payments and to cover any small, unexpected expenses. • Their balance sheet lists their house at 8% higher than the purchase price. The equity in their home is S

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 6E: Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown...
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Balance Sheet Name(s): Steve and Bonnie Foster Date: December 31, 2022 Assets Liquid Assets Cash Checking Savings Total Liquid Assets: Liabilities and Net Worth Current Liabilities $663.30 Electric $350.17 729.63 Water 150.07 829.13 Insurance premiums 250.13 $2,222.06 Taxes 362.50 Mortgage 2,416.67 Auto 750.38 MasterCard 650.33 Investments Retirement funds, $3,189.38 IRA Total Investments: $3,189.38 Total Current Liabilities: Long-Term Liabilities Primary residence $116,000.16 mortgage $469,800.00 Total Long-Term Liabilities: Real Property Primary residence $469,800.00 Total Real Property: Personal Property Honda Pilot $34,485.00 Total Personal $34,485.00 Property: $4,930.250 $116,000. 180 (2) Total Liabilities: (1) Total Assets: $509,696.440 Net Worth (1) - (2): $120,930,410 $388,766.030 Total Liabilities and Net Worth: $509,696.440 Based on the completed balance sheet, the Fosters' net worth is $388,766.030 It isn't just the preparation of a balance sheet but the interpretation of the date that can reveal a family's financial condition. Steve and Bonnie Foster are both age 44. What conclusions can you draw? With their balance sheet in place, Steve and Bonnie can compare their total liabilities to their total assets to generate a more realistic view of their current wealth position. would be considered their dominant asset. • Their home • ⚫ Based on their liabilities, it does not appear that they have adequate liquid assets to meet their bill payments and to cover any small, unexpected expenses. • Their balance sheet lists their house at 8% higher than the purchase price. The equity in their home is S
Transcribed Image Text:Balance Sheet Name(s): Steve and Bonnie Foster Date: December 31, 2022 Assets Liquid Assets Cash Checking Savings Total Liquid Assets: Liabilities and Net Worth Current Liabilities $663.30 Electric $350.17 729.63 Water 150.07 829.13 Insurance premiums 250.13 $2,222.06 Taxes 362.50 Mortgage 2,416.67 Auto 750.38 MasterCard 650.33 Investments Retirement funds, $3,189.38 IRA Total Investments: $3,189.38 Total Current Liabilities: Long-Term Liabilities Primary residence $116,000.16 mortgage $469,800.00 Total Long-Term Liabilities: Real Property Primary residence $469,800.00 Total Real Property: Personal Property Honda Pilot $34,485.00 Total Personal $34,485.00 Property: $4,930.250 $116,000. 180 (2) Total Liabilities: (1) Total Assets: $509,696.440 Net Worth (1) - (2): $120,930,410 $388,766.030 Total Liabilities and Net Worth: $509,696.440 Based on the completed balance sheet, the Fosters' net worth is $388,766.030 It isn't just the preparation of a balance sheet but the interpretation of the date that can reveal a family's financial condition. Steve and Bonnie Foster are both age 44. What conclusions can you draw? With their balance sheet in place, Steve and Bonnie can compare their total liabilities to their total assets to generate a more realistic view of their current wealth position. would be considered their dominant asset. • Their home • ⚫ Based on their liabilities, it does not appear that they have adequate liquid assets to meet their bill payments and to cover any small, unexpected expenses. • Their balance sheet lists their house at 8% higher than the purchase price. The equity in their home is S
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