Reference no: EM132736618

Question - Answer this questions use balance sheet

1. Jack Plummer, a factory worker, asks you to help him find out how much he is worth. From a discussion with him, you find out the following facts:

a. His cash on hand is $1800.

b. He owns Canada Savings Bonds worth $1000.

c. He owns a home valued at $385 000 that has a mortgage on it of $84 000.

d. He owns an automobile that he bought for $16 200, and still owes Ace Finance $1800 for it.

e. He owns a summer property valued at $130 000, which he bought with money borrowed from the bank. Since the time of purchase, he has paid $37 000 of the loan.

f. He has unpaid bills amounting to $3000.

g. He owes his father, M. Plummer, the sum of $50 000, which he borrowed interest free several years ago at the time he bought his home.

h. He owns furniture valued at $6000.

Required - Prepare a personal balance sheet for Jack Plummer dated June 1 of the current year.