Analyse the net worth, Financial Accounting

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?

Posted Date: 3/29/2013 1:08:08 AM | Location : United States







Related Discussions:- Analyse the net worth, Assignment Help, Ask Question on Analyse the net worth, Get Answer, Expert's Help, Analyse the net worth Discussions

Write discussion on Analyse the net worth
Your posts are moderated
Related Questions
what are methods of calculating depreciation?

Q. Effect of Additional Debt Finance on Financial Position? Debt finance of $3·2m would raise gearing on a book value basis from 54% to 203% ((1167 + 3200)/2150) which is five

Greek Debt Exchange On the evening of February 20, 2012 private institutional investors, representatives of the IMF, ECB, and European governments agreed to a major "intervention"

Assessment Criteria: Student work will generally be assessed in terms of the following criteria: 1. Preparation of correct journal entries. 2. Accumulation of journal entr



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

(a) IFRS 8 Operating segments requires that segmental information be provided by listed entities. Clearly FGH is looking to list and hence IFRS 8 will be applicable. The disclosure

A stock is about to pay a dividend of $2.00. The dividend is expected to grow at 15% for the next 7 years, 10% for the following 3 years, 8% for the next 2 years and then return to

Creation An express trust is "created not by facts and circumstances, but by the express words of the settlor". (Fitzgerald v Stewart) It may be created in the following ways: