Analyse the net worth, Financial Accounting

Assignment Help:

Igor and Angela were married in 2005, separated in 2011, and divorced recently. At the time of marriage, each had some investments and personal assets. They both worked during the marriage, kept separate bank accounts, bought a house with an interest-free loan from Igorâ€TMs father. They provided the following balance sheets as of the dates of marriage and as of separation:

Assets:                                                                                     At Marriage     At Separation

Bank Accounts (Angelaâ€TMs)                                                      $5,000            $10,000

Mutual Funds (Angelaâ€TMs name)                                              $30,000           45,000

Stock portfolio (Igorâ€TMs name)                                                 150,000          180,000           

 Bond portfolio (Igorâ€TMs name)                                                  50,000            40,000         

Cars (Igorâ€TMs $5,000, Angelaâ€TMs $8,000)                                23,000           13,000

House (joint)                                                                                                    350,000

Personal Assets                                                                            8,000              10,000

Liabilities:

Credit Cards                                                                                                    10,000

Loan from Igorâ€TMs father                                                                              50,000

Mortgage from bank on the house                                                                    230,000

Angela lost $25,000 in a casino in 2009, but she hid the fact from Igor. This was later found out by Igor, who is very angry that Angela still owes a mutual friend $10,000. The friend loaned her the money at that time to pay off the loan shark at the casino.

Required:

What is their net worth as of the date of marriage and as of the date of separation?

What and how much will each get, according to the Ontario Family Law Act?


Related Discussions:- Analyse the net worth

Elements of the tort of negligence, Answer both parts of this task. Part (i...

Answer both parts of this task. Part (i) is worth a maximum of 5 marks and Part (ii) is worth a maximum of 10 marks. (i) List the elements of the tort of negligence. (ii) Enr

Provision and contingences, what is the accounting procedure for a warranty...

what is the accounting procedure for a warranty provision?

Acc 400, d. Prepare the summary journal entry required to transfer finished...

d. Prepare the summary journal entry required to transfer finished component kits from the Cutting Department to the Finishing Department in January. e. Compute the total cost assi

Disclaimer-liquidation of companies, Disclaimer The liquidator may disc...

Disclaimer The liquidator may disclaim onerous property consisting of: 1.    Land burdened with onerous covenants; 2.    Stocks and shares; 3.    Unprofitable contracts, or 4.

Rectification of errors, sale of 430 to ramdas were credited in his account...

sale of 430 to ramdas were credited in his account 340

AFM, I need help with assignment completeion

I need help with assignment completeion

Prepare a purchases ledger control account, Question: The following inf...

Question: The following information was extracted from the books of William Noel for the year ended 30 April 2009.

Depreciate plant and equipment, 1. According to the notes to the financial ...

1. According to the notes to the financial statements, what method or methods does the company use to depreciate "plant and equipment?" What rate does it use to depreciate plant an

Jj, liabilities and its types

liabilities and its types

Prepare an income statement, a) DELL computers sell 100 PCs at Rs.42,000. T...

a) DELL computers sell 100 PCs at Rs.42,000. The variable expenses amount to Rs.28,000 per PC. The total fixed expenses is Rs.14,00,000. Prepare an income statement.   b.) Ca

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd