Client Memo Statement Of Facts

Category: Banking, Credit, Money
Last Updated: 19 Apr 2023
Pages: 2 Views: 109

Memo to Client In this memo one will Include a summary of the facts, Including the names, ages, educational background, and Income status for Mr.. And Mrs.. Close and their two dependents. Loose CPA will also discuss two of the Close's goals and concerns. This memo will also summarize the findings and key elements of the personal budget, balance sheet, and the statement of cash flow.

Loose CPA will also make recommendations and support for improving the financial situation for the Close's. Summary of Facts Clients- Ken and Tina Close are married with two children, Tyler (16) and Nikkei (14). Ken Is 42 years old disabled ex-factory worker with a high school education. Tina Is a 37 year old Event Planner with an Associates Degree in customer service. Although Ken is disabled he does receive disability benefits of $14,500 annually and Titan's annual income is $32,500.

Tyler is a Junior at BBS and works part-time at Culler's with an annual income of $3,100. Nikkei is a freshman at BBS and is not employed. The family's goals are to reduce credit card debt and to save for a vacation. The vernally biggest concerns are that their credit will suffer if they do not pay off the debt and that Tyler and Nikkei will both need vehicles soon. Key Items and Findings The balance sheet compiled for the Close's shows total assets to be worth $188,250 and total liabilities at $115,320. 24.

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Ken and -rattans net worth $72,929. 76. The statement of cash flow compiled includes monthly income from Ken's Social Security Disability and Titan's net income from event planning for a total monthly income of $3,294. 16. The total cash outflows of $2629. 69 can be divided Into fixed expenses of $1475. 49 and variable expenses of $1 154. 20 for the month of February. The monthly inflows minus monthly outflows gives the Close's a cash surplus of $664. 47 each month to divide up for emergencies, savings, and a family vacation.

The monthly gadget show no variance for inflows but does show a small variance for outflows. The savings variance was ($4. 53), the fixed expense variance was zero, and the variable expense variance was $6. 23. Thus giving a total outflow variance of $1. 70. Loose CPA recommends that Mr.. And Mrs.. Close try to limit the amount spent on credit cards in the future and for the balance due on the current credit cards to be paid in an amount higher than the monthly minimum due in order to pay the cards off faster and reduce interest charges.

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Client Memo Statement Of Facts. (2017, Nov 27). Retrieved from

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