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Emily Has Been Out of School and Working as a Physiotherapist

question 56

Essay

Emily has been out of school and working as a physiotherapist for four years.She is in the process of buying a condo and is applying for a mortgage from the Canadian Bank.The bank has asked for a personal balance sheet for Emily before making its decision.She has come to you for help and has provided you with the following information:
i) Emily bought a car four years ago for $15,000.She borrowed the money from her parents, interest free, and still owes them $3,000 and makes monthly payments of $250.She estimates the car is worth about $5,000 now.
ii) Emily has $1,800 in her checking account and $12,000 in Canada Savings Bonds (CSBs), which she will use for the down payment on the condo.
iii) Emily owns some jewellery given to her after her grandmother past away.Although it is priceless to Emily the local jeweller says it is worth $3,500.
iv) Emily worked some overtime at another clinic over the recent holidays and is owed $2,500 for it.v) Emily has a music player and CD collection worth about $1,000.
vi) Emily has old furniture in her current apartment that she paid $500 for but is hoping to buy some new things to go with her new place.She hopes a charity will come and take all of the old stuff away.
vii) Emily has a $500 balance on her credit card but pays it off every month.Required:
A) Prepare a personal balance sheet for Emily.She wants you to explain why things were or were not included so that she could do it herself next time.
B) How will the Canadian Bank use the information to help it make a decision?
C) What, if any, other information would the bank like to have?

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