Reference no: EM132999135
Daisy (40) your new client is concerned about her finances. She is looking for your input on her financial position. Below is the financial data she provides for 2020. Incomes and expenses are annual, assets and liabilities are balances on Dec 31st, 2020
Gross Income $90000
Mortgage Debt $235000
Income taxes $31000
Vacation $4500
Mortgage Payments $18000
Heat $3000
Loan payments $10000
Transportation $4000
Water & Electricity $2000
Property Taxes $6000
Food expenses $5000
Entertainment $3500
Chequing account $4000
Charitable donations $1000
RRSP $27000
House $780000
Stock portfolio (Equities) $35000
Car $29000
Car Loan $18000
Line of Credit (Outstanding) $27000
GIC (5-year term) $20000
Insurance premiums $6000
Question 1: Needs a complete Net worth Statement
Question 2: Needs a complete Cash flow statement
Question 3: Assess fully Daisy's cash flow statement
Question 4: Calculate and EVALUATE her Emergency Fund Ratio
Question 5: Calculate and EVALUATE her savings ratio
Question 6: Calculate and EXPLAIN her Debt Ratio
Question 7: Calculate and EVALUATE her Total Debt Service Ratio
Question 8: Identify and justify which expense (s) you recommend she decreases. Ensure you EXPLAIN FULLY your rationale for the expense (s) included
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