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

Explain in the money and out of the money option, Q. Explain In the Money a...

Q. Explain In the Money and Out of the Money option? In the Money option - Option granted with an exercise price below market price on grant date Out of the Money option - O

Show equity and debt issues, A company is necessary by law to offer an issu...

A company is necessary by law to offer an issue of new equity finance on a pro-rata basis to its existing shareholders. This makes sure that the existing pattern of ownership and c

Gaap - generally accepted accounting principles, ACCOUNTANCY PRINCIPLES (GA...

ACCOUNTANCY PRINCIPLES (GAAP - GENERALLY ACCEPTED ACCOUNTING PRINCIPLES) Accounting values, rules of conduct and action are explained by a variety of terms for instance convent

Balance sheet and income statement, Indicate by check mark ("9") or "X" whi...

Indicate by check mark ("9") or "X" which accounts are found on the income statement and which accounts are found on the balance sheet.   Account Name In

What is completion report, Q. What is Completion Report? The object of a ...

Q. What is Completion Report? The object of a completion report is to compare the cost of work actually constructed with those provided for in the last sanctioned estimate. A com

What amount did spear receive from the bond issurance?, On July 1, 2010, Sp...

On July 1, 2010, Spear Co. issued 1,000 of its 10%, $1,000 bonds at 99 plus accrued interest. The bonds are dated April 1, 2010 and mature on April 1, 2020. Interest is payable sem

Calculate ß for the intercept-income and noncauc, For this question you wil...

For this question you will use the dataset "murder.xls", which includes: • rate = Murder rate per 100,000 • convictions = Number of convictions divided by number of murders • execu

Rate of return on assets, EVERLIGHT COMPANY LIMITED Comparative Balan...

EVERLIGHT COMPANY LIMITED Comparative Balance Sheet December 31, Year 1 and Year 2     Year 1       Year2

How much of the existing cash balance, As of January 1, 2011, the partnersh...

As of January 1, 2011, the partnership of Canton, Yulls, and Garr had the following account balances and percentages for the sharing of profits and losses: Cash 80,000 non cash

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