One of your financial planning clients, Ms Yvette Bordeaux wants to know what her net...

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Accounting

One of your financial planning clients, Ms Yvette Bordeaux wants to know what her net worth amounts to. Yvette is a 33 year-old employed landscape gardener and has a gross income of $55,000 for the 2020 financial year. In addition, Yvettes employer also contributes 9.5% of her gross income into a personal superannuation fund that you have set up to fund her retirement. Fortnightly salary deductions (based on gross income) for Yvette are as follows:

Details

Percentage

Taxation

20

Personal super contributions over an above the superannaution guarentee

7

Health cover

3

Union fees

2

Other expenditures incurred by Yvette for the 2018 financial year are as follows:

Details

Amount ($)

Household expenses

10,000

Mortgage loan repayments

12,000

Credit card repayments

8,000

Entertainment expenses

5,000

Yvette has also provided a list of her assets and liabilities based on the information that she currently has available as shown below:

Details

Amount ($)

Assets -

House and personal effects

400,000

Superannuation

160,000

Car

10,000

Savings account

2,000

Liabilities -

Mortgage loan

250,000

Credit card balance

10,000

Prepare a current personal balance sheet for Yvette based on the information provided.

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