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Wiley GAAP 2008 by Colorado Steven M. Bragg Englewood, Ralph Nach American Express Tax and Business Inc., Barry J. Epstein

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Appendix: Hypothetical Set of Personal Financial Statements

Table . 24-1: Marcus and Kelly Imrich Statements of Financial Condition December 31, 2008 and 2007
 20082007
Assets  
Cash$ 381,437$ 207,621
Certificate of deposit20,00010.000
Securities  
Marketable (Note 2)128,787260,485
Tax‐exempt bonds (Note 3)1,890,222986,278
Loans receivable (Note 4)262,877362,877
Partnership and joint venture interests (Note 5)935,000938,000
Real estate interests (Note 6)890,0002,500,000
David Corporation (Note 7)2,750,6872,600,277
Cash surrender value of life insurance (Note 8)388,000265,000
Personal residences (Note 9)2,387,2292,380,229
Deferred losses from partnerships68,57060,830
Vested interest in David Corporation benefit plan545,960530,960
Personal jewelry and furnishings (Note 10)513,0006,700
Total assets$11,161,769$11,109,257
Liabilities
Mortgage payable (Note 11)$ 254,000$ 267,000
Security deposits—rentals5,700
Income taxes payable—current year balance9,80010,680
Total liabilities263,800283,380
Estimated income taxes on difference between estimated current values of assets and estimated current amounts of liabilities and their tax bases (Note 12)555,400731,000
Net Worth10,342,56910,094,877
Total liabilities and net worth$11,161,769$11,109,257

Table . 24-1: Marcus and Kelly Imrich Statement of Changes in Net Worth For the Years Ended December 31, 2008 and 2007
 20082007
Realized increases in net worth
Salary and bonus$ 200,000$ 175,000
Dividends and interest income184,26085,000
Distribution from limited partnerships ...

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