NET WORTH STATEMENT INSTRUCTIONS

1 Using proper Excel technique, refernce the items and the appropriate values on the
data page and complete the Statement of Net Worth

2 List the liquid assets in order of liquidity

3 List the current liabilities in order of payment due

4 Cell refereance cells G37,G39 and G41 to calculate Net Worth

priate values on the
 NICK AND TESSIA PAPADOPOULOS

Items/Accounts listed Alphabetically Estimated

Market Values Additional Details/Information on Items/Accounts
Automobile 1 $ 9,000 $ 37,000 Cost
Automobile 1 Loan $ 3,000 $ 2,520 Due within one year
Automobile 2 $ 3,000 $ 24,000 Cost
Bonds $ 1,000 Maturing in 3 years
Cash $ 340
Chequing Account $ 250
Collectibles $ 3,000
College Loans $ 4,000 $ 2,160 Due within one year
Company Pension Commuted Value $ 8,000
Current Unpaid Bills $ 350
First Mortgage $ 105,000 $ 7,800 Due within one year
Furniture $ 8,000
Home Equity Loan $ 9,000 Only interest payments required
Money Market Funds $ 1,500
Mutual Funds $ 5,600 DSC fees to cash in
Primary Residence -Market Value $ 245,000 $ 190,000 Cost
RRSP's $ 10,500
Savings $ 1,500 All Liquid
Second Home Mortgage $ 52,000 $ 2,400 Due within next 12 mos.
Stocks $ 8,500 $ 5,000 Available after Commissions are paid
Time-Share $ 85,000 $ 60,000 Cost
Visa Credit Card $ 1,150 Current Balance owing
 NICK AND TESSIA PAPADOPOULOS
STATEMENT OF NET WORTH

ASSETS LIABILITIES
WHAT YOU OWN WHAT YOU OWE

Liquid assets Current Liabilities

Total Liquid Assets $ -

Household Assets Total Current liabilities $ -
Long-Term Liabilities

Total household Assets $ - Total long-Term Liabilities $ -

Investment Assets TOTAL B $ -

NET WORTH

TOTAL A

TOTAL B
Total Investment Assets $ -
TOTAL A $ - NET WORTH (A-B)
Instructions for Completing the Budget
SAVE YOUR WORK OFTEN

1 For amounts that are consistent each month...From the Budget page, enter = in the field you want to fill,
click on the value on the data page, then F4 for absolute value, ENTER
Repeat process for all intial values for January and/or the month of expenditure

2 On the budget page, select the first value in January and by holding the little box
on the bottom right on the cell, drag to December ONLY, DO NOT DRAG TO TOTAL
Repeat process until all values are filled in for the entire year. (Jan-Dec)

3 Enter the non-recurring or unique expenses in the months in which they occur, according to the instructions

4 Verify that N74 and O74 are equal. This confirms your budget captures all data

5 Examine line 74, if this is less than $1,000, borrow enough from emergency savings
to have $1,000. Enter the amount on line 72, Enter negative to repay to emergency account when excess funds occur
and repay only what you borrow from emergency account.

6 SAVE YOUR WORK OFTEN

7 Verify the total amount borrowed from emergency savings for the entire year O72,
This amount will be posted on BB before the due date

Class Attendance (with this completed exercise in Excel format, and your laptop) is mandatory for the
8 next class in order to be eligible for the marks (5%) allocated to this assignment.

9 SAVE YOUR WORK OFTEN

 Nick and Tessia Papadopoulos's Personal Income and Expenditures

INCOME
Nick $ 2,200 Net Monthly
Tessia $ 2,300 Net Monthly

EXPENDITURES

Home Costs:
Mortgage Payments $ 650 per mo.
2nd Mortgage $ 200 per mo.
Utilities $ 125 per mo.
Maintenance $ 75 per mo.
Property Taxes $ 1,800 Paid in both March and June
Cable $ 55 per mo.
Telephone $ 45 per mo.
Capital Purchases $ 900 Planning to replace Washer/Dryer in November
Insurance $ 50 per mo.
Food:
Groceries $ 600 per mo.
Restaurant Expenses $ 160 per mo.

Clothing and Personal Care:

Clothing - Nick $ 400 Nick likes to shop in both May and September
Clothing - Tessia $ 150 per mo.
Hair Care - Nick $ 20 first month of each Qtr.
Hair Care - Tessia $ 80 first month of each Qtr.
Persoal care and Toile $ 145 per mo.

Vehicle:
Loan Payments $ 210 per mo.
Gas $ 135 per mo.
Maintenance $ 225 Tessia has the vehicle serviced in both March and Oct.
Parking $ 60 per mo.
Insurance $ 80 per mo.
Recreation:
Movies, Sporting Even $ 75 per mo.
Club Memberships $ 350 Tessia pays for her fitness club memership annually in August
Vacation $ 2,000 Nick and Tes are planning to go East in July
Gifts $ 400 Nick's Birthday is in May, Tessia's is in November
Christmas Shopping $ 1,300 Total Amount of Christmas shopping in December
Newspapers, Books $ 90 per mo.

Medical:
Dental $ 240 50% paid by Insurance Company, check ups in Jan/July
Prescriptions $ 40 per mo. 80% paid by Insurance Company

Other:
RRSP Contributions $ 200 per mo.
Life Insurance $ 54 per mo.
Student Loan Paymen $ 180 per mo.

Additional Information:
Cash Balance Jan 01 $ 5,000.00
Minimum desired Cash Balance $ 1,000.00

Nick and Tessia have a $6,000 money market mutual fund at the bank for emergency purposes that cannot be used to finance either of the
following expenditures
Nick and Tessia need your help to determine if they can afford the following expenditures during the coming
year listed in order of priority

1. RRSP Nick would like to contribute $6,000 the Tessia'a RSP in February, This will generate a tax refund
of 20% in April RSP $ 6,000
Marginal Tax Rate 20%
2. Finish their basement, the total estimate is $9,000, Terms of payment require $1,500 non-refundable payment in May
with the balance payable in equal installments in Oct, Nov, Dec
Down Payment $ 1,500
Montlhy installments $ 2,500
Can Nick and Tessia afford both of these expenditures in the coming year.?
REQUIRED;
Using the template provided on the Budget page, complete the cash budget for the year and determine if Nick and
Tessia can afford both expenditures
ment in May
 NICK AND TESSIA PAPADOPOULOS'S MONTHLY CASH BUDGET

January February March April May June July August September October November December TOTAL

CASH, BEGINNING OF MONTH $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

$ -
CASH INFLOWS: $ -
Income - Nick $ -
Income - Tessia $ -
Tax Refund $ -
$ -
TOTAL CASH AVAILABLE $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

CASH OUTFLOWS:

Home Costs:
Mortgage Payments $ -
Utilities $ -
Maintenance $ -
Property Taxes $ -
Cable $ -
Telephone $ -
Capital Purchases $ -
Insurance $ -
$ -
Food: Costs: $ -
Groceries $ -
Restaurant Expenses $ -
$ -
Clothing and Personal Care: $ -
Clothing - Nick $ -
Clothing - Tessia $ -
Hair Care - Nick $ -
Hair Care - Tessia $ -
Personal care and Toiletries $ -
$ -
Vehicle: $ -
Loan Payments $ -
Gas $ -
Maintenance $ -
Parking $ -
Insurance $ -
$ -
Recreation: $ -
Movies, Sporting Events $ -
Club Memberships $ -
Vacation $ -
Gifts $ -
Christmas Shopping $ -
Newspapers, Books $ -
$ -
Medical: $ -
 NICK AND TESSIA PAPADOPOULOS'S MONTHLY CASH BUDGET

January February March April May June July August September October November December TOTAL
Dental $ -
Prescriptions $ -
$ -
Other: $ -
RRSP Contributions $ -
Life Insurance $ -
Student Loan Payments $ -
$ -
$ -
Optional Expenditures: $ -
RRSP Contribution $ -
Basement Completion $ -
$ -
$ -
$ -
TOTAL CASH OUTFLOWS $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

NET CASH FLOWS $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

EMERGENCY FUNDING (REPAYMENT)

CASH END OF MONTH $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -