Richard called and said that he had compiled a list of assets and woul

Richard called and said that he had compiled a list of assets and would send it. It came a few days later. His assets included a home worth $300,000, approximately $350,000 in securities, two cars worth $40,000 with loans of $15,000 against them, and other assets including jewelry (worth $5,000), art ($5,000), and furniture ($7,000). Richard and his wife had money market funds of $2,000, a bonus due of $5,000 net of taxes, and credit card payments due of $12,000. Their house had a $130,000 mortgage. 

 Questions 

1. Construct the balance sheet.
2. Does it look substantial?
3. Would you tell Richard and Monica that it was strong? Why?                                                                     4. Complete the balance sheet section of the plan.