https://www.topgradeaccountants.com/wp-content/uploads/2020/07/LOGO-TG1.png 0 0 milton https://www.topgradeaccountants.com/wp-content/uploads/2020/07/LOGO-TG1.png milton2020-07-27 05:22:172020-07-27 05:22:17In the Smith Family (Do part A only) you are faced with a situation where the family’s finances are
In the Smith Family (Do part A only) you are faced with a situation where the family’s finances are in a mess.1. First you have to put the information they have is a format that you can analyze(show these statements in your report), then you must analyze their situation to determine the options available to them to bring their finances under control (Expenses that can be eliminated or reduced for example). Then you should make recommendations and finally you should prepare a statement showing how their finances will look like after your recommendations have been made. (Using excel and its financial functions)2. How should Matt react to the family’s situation? What do you think of their financial goals? Are there other goals that would be more appropriate? Will you be able to help themConsider:The composition of the Smith Family balance sheetthe Family’s financial goalsHow they can achieve their goals, implement a financial plan, and evaluate their plan.3. Use the information provided to prepare a family balance sheet. What is the family’s total net worth> According to the information you have, will the family be successful in achieving its lifestyle and savings goals? why or why not?4. Amber believes that it is important to have $100,000 saved before Luke starts university– will they be able to meet this goal? Is this Goal realistic?5. comment on the appropriate investment maturities the family should consider for;a. savings for a different carb.savings for their retirement (RESP)c. Savings for their sons education6. Based on everything you know so far, Can the family do all of the things it plans to do? will some adjustments be necessary?Comment on the Credit Card offer the family recently received in the mail.