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Gbs132 Lesson 2: Exercise

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GBS132 Lesson 2: Exercise

Click Link Below To Buy: http://hwcampus.com/shop/gbs132-lesson-2-exercise/ GBS132 Lesson 2: Exercise
Part 1
Mary Sky's banker has asked her to submit a personal balance sheet as of June 30, 2010, in support of an application for a $3,000 home improvement loan. She comes to you for help in preparing the balance sheet. So far, she has made the following list of her assets and liabilities as of June 30, 2013:
Cash on hand $ 70
Balance In checking account 180
Balance in money market deposit account with Southwest Savings 650
Bills outstanding:
Telephone $ 20
Electricity 70
Charge account balance 190
Visa 180
MasterCard 220
Taxes 400
Insurance 220 1,300
Condo and property 68,000
Condo mortgage loan 52,000
Automobile: 2006 Honda Civic 10,000
Installment loan balances:
Auto loans 3,000
Furniture loan 500 3,500
Personal property:
Furniture 1,050
Clothing 900 1,950
Investments:
U.S. government savings bonds 500
Stock of Safeco Corporation 3,000 3,500
Review the balance sheet and determine Mary's (a) solvency, (b) liquidity, and (c) equity in her dominant asset.
Part 2
Over the past several years, Joyce Chen has been able to save regularly. As a result, she has $54,188 in savings and investments. She wants to establish her own business in five years and feels she will need $100,000 to do so.
If she can earn 6% on her money, how much will her $54,188 in savings/investments be worth in five years? Will Joyce have the $100,000 she needs? If not, how much more money will she need?
Given your answer to part (a), how much will Joyce have to save each year over the next five years to accumulate the additional money needed to reach $100,000? Assume she can earn interest at a rate of 6%.
If Joyce can afford to save only $4,000 a year then, given your answer to part (a), will she have the $100,000 she needs to start…...

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