Create a balance sheet, Cost 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: 3/26/2013 5:35:52 AM | Location : United States







Related Discussions:- Create a balance sheet, Assignment Help, Ask Question on Create a balance sheet, Get Answer, Expert's Help, Create a balance sheet Discussions

Write discussion on Create a balance sheet
Your posts are moderated
Related Questions
These are losses on account of uncollectable debts. While the amount due from debtors is irrecoverable, it is termed as bad debts. Bad debts, being loss are closed through transfer

what is the role of cost accounting in business


Determine the  factors  that distinguish profit  calculated according  to  (a) marginal  costing and  (b) absorption costing principles.

ANNUAL DEMAND = 2400 UNITS ORDERING COST PER UNIT = RS.4.00/- UNIT PRICE = RS 2.40/- STORAGE COST = 2% P.A INTEREST RATE = 10 % P.A LEAD TIME = HALF MONTH CALCULATE ECONOMIC ORDER

sales to profit volume ratio for three year

Smith Corp. has determined that its contribution margin, (P - MC)/P, is 40%. A recent market research study found the following relationship between adverting outlays and sales rev

What are the importance of cost classification

a company wants to buy a new machine to replace on which is having frequent breakdown.............. .......... c-the models suitable for different levels for demand of product?

Absorption Costing and Marginal Costing Product costs are costs identified along with goods produced or purchased for resale. That costs are initially identified like part of