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 mortgage liabilities

Jeffery R. Jones had some mortgage liabilities independently while he and Martha H. jones had joint mortgage liabilities. The mortgage that Jeffery R. Jones had which he held singly was Beachfront Bank, which was a Mortgage Loan-Home that he reported was burnt. The characteristic of the mortgage was it had an interest rate of 5.77% and was 30 years with a 10% down payment. The principal plus interest payment was $2,631.80 while the monthly payment with tax and insurance was $3,031.80. The balance of the mortgage as of 12/31/20X7 was $434,934.12 and as of 12/31/20X8 was $428,273.91. It means that the payment that had been made for the year was $6,660.21. The other mortgage that Jeffery R. Jones had was at Bank Of America. The characteristic of the mortgage was a Mortgage Loan-occupied by Jeff’s mother. The mortgage had a 7% interest rate. The mortgage was a 30 year mortgage with a 20% down payment. The mortgage had a Principal plus interest payment of $581.07 and a monthly payment with tax and insurance of $78.07. As of 12/31/20X7 the balance was $90,641.46 and the balance as of 12/31/20X8 was $89,110.42. The mortgage that had been paid for the year was $1,531.02. Jeffery R. Jones had another mortgage which was a Land Loan-horse farm. The mortgage had an interest rate of 12% with a 20 year term. The Principal plus interest payment was $990.00 with a Monthly Payment with tax and insurance of $ 1,100. The balance as of 12/31/20X7 was $85,194.20 while the balance as of 12/31/20X8 was $83,287.71 with a payment of $1,906.49.

Jointly, Jeffery and Martha had a joint mortgage at Beachfront Bank. The mortgage had a 7% with a 15 year term. It was a Home Equity Loan, that was reported to have been burned. The Principal plus interest payment was $674.12 while the Monthly Payment (with tax and insurance) was $874.12. The balance as of 12/31/20X7 was $80,000 while the balance as of 12/31/20X8 was 72,067.67. The payment that had been made was $7,932.33. Martha H. Jones had a mortgage at GMAC Mortgage which was Mortgage Loan-intended rental now home. The interest rate was 6.25% with a 30 year term and a 20% down payment. The Principal plus interest payment was $800.43 while the Monthly Payment (with tax and insurance) was $1,000.43. The balance as of 12/31/20X7 was 89,806.23 while the balance as of 12/31/20X8 was 85,697.87 with a payment of $4,108.64.

 

Vehicle liability

Jeffery R. Jones had car liabilities as follows: a loan at Fifth Third bank was used to finance anAircraftCessna 182Rwith an interest rate of 7.74% and a 10 year term. The loan had a 5% down payment. The monthly payment was $1,937. The balance as of 12/31/20X7 was $154,173.60 while the balance as of 12/31/20X8 was $141,434.00. The payment that had been paid as of then was $12,739.60. A loan at Chase Bank was used to finance aFord Explorer SUV-1995with an interest rate of 7.92% and a 5 year term. The loan had a 500 down payment. The monthly payment was $394. The balance as of 12/31/20X7 was $17,881.70 while the balance as of 12/31/20X8 was $14,148. The payment that had been paid as of then was $3,733.70.

A loan at GMAC financing was used to finance aChevy Suburban SUV 2005with an interest rate of 6.92% and a 5 year term. The loan had a 1,000 down payment. The monthly payment was $623. The balance as of 12/31/20X7 was $26,934.79 while the balance as of 12/31/20X8 was $20,640.13. The payment that had been paid as of then was $6,294.66.A loan at Beachfront Bankwas used to finance a2006 Dodge Ram Truck-3500 Laramie Quad Cab 4x4with an interest rate of 7.95% and a 5 year term. The loan had a 2,000 down payment. The monthly payment was $929. The balance as of 12/31/20X7 was $36,758.83 while the balance as of 12/31/20X8 was $27,484.72. The payment that had been paid as of then was $9,274.11. A loan at Cherokee Financingwas used to finance a2007 Cherokee Horse Trailer Tomahawk 4H Slantwith an interest rate of 7.74% and a 5 year term. The loan had a 1,500 down payment. The monthly payment was $473. The balance as of 12/31/20X7 was $20,531.41 while the balance as of 12/31/20X8 was $15,928.50. The payment that had been paid as of then was $4,602.91

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Vet bill

On 1/1/20X9, Jeffery R. Jones visited a veterinary at Emerald Cost Veterinary Services at 1st Cost Highway, Destin, FL. The veterinary was treating a pet named Beau. The pet was diagnosed foe coughing due to smoke inhalation from the burning house. Jeff spent $ 150.00 for the service which he paid.

 

 

Horse record

From the horse records, the following income statement was extracted

Horse records

Income Statement

20X7

20X8

Revenues

$

259,500.00

$

279,000.00

Expenses

Artificial Insemination costs

$

6,450.00

$

8,700.00

Farm hand pay

$

30,000.00

$

27,300.00

Farm upkeep costs

$

35,465.00

$

44,460.00

Feed Cost

$

141,022.00

$

141,290.00

Special Supplement cost

$

5,592.00

$

4,005.00

Transport Costs

$

300.00

$

300.00

Vet Fees

$

9,970.00

$

9,391.00

Total Cost

$

228,799.00

$

235,446.00

Net Income

$

30,701.00

$

43,554.00

The statement showed that Jeffery R. Jones made net incomes of $30,701 in the year ended 20X7 while in the year 20X8 he made net incomes of $43,554. This can be attributed to the increase in the total revenues for the respective years.

50000 notes

From the 5000 note, Jeffery R. Jones made a promissory note for 5 years with Sunshine State bank. The promissory note had a face value of %50,000 and had an interest rate of 6%. The payment was to be done monthly for an installment of $966 per month. The use of the funds was for Barry Nichols, to open the Bar and Grill Restaurant

W-2

Martha H. Jones who was his wife reported in the W2 the gross wages, tips and other compensation of $83,425. The federal income tax withheld for the same was $25,028. The social security tax wit held was $1,209.663.

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