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

Budgeted purification fixed, XYZ Municipality purifies water before it ente...

XYZ Municipality purifies water before it enters the reticulation network. There are presently 3 purification processes available to the municipality. These processes sre referred

Case study, Q. If a corporation declares a 10% stock dividend on its common...

Q. If a corporation declares a 10% stock dividend on its common stock, the account to be debited on the date of declaration is a. Common Stock Dividends Distributable. b. Common St

Journalize the foregoing transactions and post to the a/c, During the fourt...

During the fourth quarter of 2006, Cablevision, Inc., generated excess cash, which the company invested in securities, as follows: On Nov. 12 purchased 1,000 shares of common st

A realized gross profit, On December 15, 2011 Risby Sales Co. sold a track ...

On December 15, 2011 Risby Sales Co. sold a track of land that cost $3,600,000 for $4,500,000. Rigsby appropriately uses the installment sale method of accounting for this transact

Explain a reduction in expected inflation - prices and wages, Assume that p...

Assume that prices and wages adjust rapidly so that the markets for labor, goods, and assets are always in equilibrium. What are the effects of each of the following on real money

Indian company, content of financial statement with refrence to indian comp...

content of financial statement with refrence to indian company

Vat, a recommendation regarding a current south African vat system

a recommendation regarding a current south African vat system

Determine the total cost of hiring and layoff, A company has the following ...

A company has the following forecast demand for the next five months: 1,600, 2,400, 3,200, 2,800, and 2,400. The following information is also available.                  curren

Complete the cash flow spreadsheet, This lab assignment will correspond to ...

This lab assignment will correspond to developing a cash flow budget with an operating loan. There is on lab exercise listed below. Additionally, there are two assignment questions

Working Capital movement, If revenue=£92 million, purchase costs=£48 millio...

If revenue=£92 million, purchase costs=£48 million and operating costs=£41 million, and if working capital days are 39 for inventory and 110 for accounts payable, what is the worki

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