Determine the net worth of personal assets, 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 Igora's father. They provided the following balance sheets as of the dates of marriage and as of separation:

Assets:                                                     At Marriage     At Separation

Bank Accounts                                              $5,000            $10,000

Mutual Funds                                                $30,000           45,000

Stock portfolio                                               150,000          180,000           

 Bond portfolio                                              50,000            40,000         

Cars                                                           23,000           13,000

House (joint)                                                350,000

Personal Assets                                             8,000              10,000

Liabilities:

Credit Cards                                                                       10,000

Loan from Igora's 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:- Determine the net worth of personal assets

Integer programming, Proposals A, B, C, D, E, and F are being considered wi...

Proposals A, B, C, D, E, and F are being considered with money flows over 10 years. Proposal (A and D) are mutually exclusive, (C and F) are also mutually exclusive, and pr

Cumulative and substitutional legacies and devises, Cumulative and substitu...

Cumulative and substitutional legacies and devises Where a will makes two gifts of unequal amounts to the same person, they are assumed, in the absence of a contrary indication

Determine the internal rate of return for a project, What is the internal r...

What is the internal rate of return for a project that has a net investment of $76,000 and net cash flows of $20,507 per year for 7 years? What is the internal rate of return fo

OPERATING CYCLE, #question.DISCUSS THE APPLICABILITY OF AN OPERATING CYCLE ...

#question.DISCUSS THE APPLICABILITY OF AN OPERATING CYCLE IN POULTRY BUSINESS.

The common stock of warner inc, The common stock of Warner Inc. is currentl...

The common stock of Warner Inc. is currently selling at $114 per share. The directors wish to reduce the share price and increase share volume prior to a new issue. The per share

Determine the optimum combination of milk and biscuits, 1. Jim buys only mi...

1. Jim buys only milk and biscuits.    (a) In 2004, Jim earns $100, milk costs $2, biscuits cost $4 per dozen. Draw Jim's budget constraint  (b) Now suppose that all prices i

NPV, What do you mean by base case NPV?

What do you mean by base case NPV?

Depreciation, what are methods of calculating depreciation?

what are methods of calculating depreciation?

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