CHAPTER 2 ASSIGNMENTYour client is having trouble figuring out where all her money goes each month. Here is her financial information for you to review:$355*STOCKS IN BROKERAGE ACCT$5,500MASTER CARD BILL$245*MONTHLY PAYCHECK (GROSS) $3,000PAYROLL TAX WITHHELD$ 600MONTHLY MORTGAGE PAYMENT $530MUTUAL FUNDS$2,100401(K) RETIREMENT ACCT$4,500$265$275*SAVINGS ACCT BALANCE$2,300MONTHLY CLOTHING EXPENSES $45MONTHLY VISA BILLMONTHLY CAR PAYMENTMONTHLY UTILITY BILLCHECKING ACCOUNT BALANCEQUARTERLY AUTO INSURANCE (NOT YET DUE)ANTIQUE COIN COLLECTIONCONDOMINIUMMONTHLY GROCERIESAUTOMOBILEFURNITUREMORTGAGE BALANCEAUTO LOAN BALANCEOTHER PERSONAL PROPERTYOTHER MONTHLY CASH EXPENSESANNUAL MEDICAL EXPENSES*Bills represent the average of the prior month's charges AND ALSO current month's expenses.$825$450$3,250$65,000$225$9,000$5,500$50,000$4,225$8,000$150$264 Questions:1) What are the Monetary Assets listed above?2) What are the Investment Assets listed above?3) What are the Retirement Assets listed above?4) How much are the Total Assets?5) What are the Current (short term) Debts listed above?6) What are the total debts?7) What is your client's net worth?8) What is the Current Ratio?9) What is the Debt Ratio?HINT: Since they are average amounts you may assume that the credit card and utility bills are both a debt (related to the prior month) and anexpense (related to the current month).

"In this chapter, we'll take a look at a client's financial situation and help them figure out where…

Answered: CHAPTER 2 ASSIGNMENT Your client is…

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)

6th Edition

ISBN:9781337117005

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

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