ACCOUNTING-Fred & Ethel Mertz Fred & Ethel, long time residents

Fred &
Ethel Mertz

Fred &
Ethel, long time residents of San Antonio, have asked you to prepare a

personal
financial statement for them, for use in getting loans to pay for the

college
expenses of their children. You your staff prepare the following summary

of their
grocery bag of fiancial materials:

Totals

1.
Life insurance

Policy 1
Policy 2
Policy 3
Policy 4

Insured

Fred
Ethel
Fred, Jr.
Susie

Owner

Fred
Etel
Fred, Jr.
Ethel

Beneficiary
Ethel
Fred
Ethel
Ethel

Death benefit
350,000
150,000
25,000
17,500

Cash value
38,300
14,200
12,950
11,825

2.
Cash and near cash items

First National bank household
checking

1,751

ABC Bank of Commerce, passbook
savings account

26,500

Fred, Jr.’s college fund account
under the Texas

Uniform Gift to Minors

68,600

Business checking account at First
National

11,255

3.
Balnces owed on credit cards

VISA

12,655

Master Card at Chase

2,151

Master Card at Citi

763

American Express

125

Target Card

2,300

Sam’s Discover Card

210

4.
Car loans

Cost
Fair value
Loan balance

ABC Bank of Commerce (2011 Jeep
Wrangler)
26,150
21,500

18,755

Ft. Sam Houston CU (2010 Ford Image)

41,000
32,000

35,700

5.
Mortgage loan balance on residence

187,000

Mortgage loan balance on beach
property/cabin

18,726

6.
Diamond ring, cost $8,500 in 1990.
Appraised at

8,500

17,700

Diamond & ruby ring, inherited
from great grandmother

in 1995

9,000

12,000

7.
Furniture, equipment, household appliances, guess at cost

20,000

8.
House, 3,250 square feet under roof,
1/3 acre lot in Shaveno

Park Estates, purchased 1992 for
$271,000

271,000

410,500

9.
Beach property/cabin purchased for
$17,500 in 1989
27,500

120,000

10.
401-K at Fred’s firm

85,000

318,900

Common stocks, bonds, etc.
Cost

191,500

223,981

CD at Shelby Credit Union

100,000

100,000

 

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