Appendix: Hypothetical Set of Personal Financial Statements
| 2008 | 2007 | |
|---|---|---|
| Assets | ||
| Cash | $ 381,437 | $ 207,621 |
| Certificate of deposit | 20,000 | 10.000 |
| Securities | ||
| Marketable (Note 2) | 128,787 | 260,485 |
| Tax‐exempt bonds (Note 3) | 1,890,222 | 986,278 |
| Loans receivable (Note 4) | 262,877 | 362,877 |
| Partnership and joint venture interests (Note 5) | 935,000 | 938,000 |
| Real estate interests (Note 6) | 890,000 | 2,500,000 |
| David Corporation (Note 7) | 2,750,687 | 2,600,277 |
| Cash surrender value of life insurance (Note 8) | 388,000 | 265,000 |
| Personal residences (Note 9) | 2,387,229 | 2,380,229 |
| Deferred losses from partnerships | 68,570 | 60,830 |
| Vested interest in David Corporation benefit plan | 545,960 | 530,960 |
| Personal jewelry and furnishings (Note 10) | 513,000 | 6,700 |
| Total assets | $11,161,769 | $11,109,257 |
| Liabilities | ||
| Mortgage payable (Note 11) | $ 254,000 | $ 267,000 |
| Security deposits—rentals | – | 5,700 |
| Income taxes payable—current year balance | 9,800 | 10,680 |
| Total liabilities | 263,800 | 283,380 |
| Estimated income taxes on difference between estimated current values of assets and estimated current amounts of liabilities and their tax bases (Note 12) | 555,400 | 731,000 |
| Net Worth | 10,342,569 | 10,094,877 |
| Total liabilities and net worth | $11,161,769 | $11,109,257 |
| 2008 | 2007 | |
|---|---|---|
| Realized increases in net worth | ||
| Salary and bonus | $ 200,000 | $ 175,000 |
| Dividends and interest income | 184,260 | 85,000 |
| Distribution from limited partnerships ... | ||
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