You are a business owner (sole proprietor) who is applying for a new business lo
ID: 2469543 • Letter: Y
Question
You are a business owner (sole proprietor) who is applying for a new business loan. As part of the bank's application process, you are required to put together a personal balance sheet. You can consider retained earnings and net worth to be interchangeable.
Personal Details
Company checking account balance: $9,372.58
Joint (with spouse) checking account balance: $5,649.75
401(k) account with old employer balance: $62,952.75
Roth IRA account balance: $8,328.96
Spouse's rollover IRA account balance: $32,697.65
Spouse's 401(k) account with current employer: $11,800.35
Home value: $212,500, remaining mortgage balance: $147,937.50
Visa credit card balance: $7,736.00
Capital One credit card balance: $2,562.38
Walmart credit card balance: $416.98 2008
Ford F150: blue book value $8,750 2013
2012 Toyota Camry: blue book value $21,300. 20 payments of $422.18 remaining
Explanation / Answer
Balance Sheet
Company checking account balance:
401(k) account with old employer balance:
Roth IRA account balance:
Spouse's rollover IRA account balance:
Ford F150: blue book value
Liabilities Assets Home mortgage $147,937.50Company checking account balance:
$9,372.58 Camry payments remaining $422.18 Joint (with spouse) checking account balance: $5,649.75 Home value: $212,500401(k) account with old employer balance:
$62,952.75Roth IRA account balance:
$8,328.96Spouse's rollover IRA account balance:
$32,697.65 Spouse's 401(k) account with current employer: $11,800.35Ford F150: blue book value
$8,750 2012 Toyota Camry: blue book value $21,300. 20 Walmart credit card balance: $416.98Related Questions
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