Accounting Outline

Five Basic Accounts

1. Assets: things you own
2. Liabilities: things you owe
3. Equity: overall net worth
4. Income: increases value
5. Expenses: decreases value

The Equation

Assets - Liabilities = Equity (aka Net Worth)  

Things you own minus things you owe equals your net worth. Consider all financial actions in the light of increasing your net worth.

Assets - Liabilities = Equity + (Income - Expenses)

Assets

Cash/Checking 
Some Mutual Funds
Other Mutual Funds/Stocks/Bonds
Retirement Savings
Car
House
Talent and goodwill  
*Accounts Receivable*

Capital Gains in here?

Liabilities

  Accounts Payable
  Debt  
  Taxes  

Net Worth

The guiding light

Income

Salary
Bonus
Gifts
Interest & Dividends
Other

Expenses

Fixed:

Debt Service  
Physical Plant / Utilities
Insurances  

Variable / Discretionary:

Food
Clothing
Hobbies
Donations

Capital Gains

Resellable assets, such as stocks, bonds, houses, or cars, can change value over time. Some assets could increase in value, some could decrease in value. Capital gains are the profits from selling an asset.

World Cup Final

World Cup 3rd Place Match

World Cup Semifinals

World Cup Quarterfinals

World Cup Round of 16

Single-elimination round to get one team from each group.

World Cup Group Stage

48 matches starting Monday 21 Nov, and ending on Friday 02 Dec.

Sunday, November 20

Monday, November 21

Tuesday, November 22

Wednesday, November 23

Thursday, November 24

Friday, November 25

Saturday, November 26

Sunday, November 27

Monday, November 28

Tuesday, November 29

Wednesday, November 30

Thursday, December 1

Friday, December 2

Image Caption

There is talk of image captions being the title instead of the alt text, but that doesn’t seem to be the case here.

Interstate 5

Google Drive Delight

Since using Crostini ¹ as primary working environment it has worked out to be better for me to host on Google Drive. After the transfer there were synching issues that looked like Google Drive having trouble handling the [folder] construct. Blot support helped me through it. The tag folders had to be removed and rebuilt, but now it works as expected.

Perhaps inline math $Ax+By=C$ now works? Well, let’s see how ${\displaystyle \frac{b^2-4ac}{2a}}$ works and looks. A concern expressed in dealing with KaTeX has been addressed and the rendering now looks correct. Even the sf font in a previous post looks more sf than before.

${\displaystyle i\mathrm{\hslash }\frac{\delta }{\delta t}\psi (x,t)=[-\frac{{\mathrm{\hslash }}^2}{2m}\frac{{\delta }^2\psi }{\delta x^2}+V(x,t)]\psi (x,t)}$

-from Wikipedia

A Mortgage Story

“Pay no attention to that man behind the curtain.”

We are closing on a condo somewhere next week. Once everything is in place we will sell our current condo which should more than cover the new one. The lending bank was told this. The payments on our loan will be less than 20% of our income. The bank knows this. I provided some checking account statements to verify my income from SSA survivorship and pension from public service. The bank seemed happy.

My spouse provided some checking account statements to verify SSA survivorship benefits and quarterly deposits from her family trust fund. The bank was not happy. The bank asked for her 2021 Schedule K and it was provided, but it did not make the bank happy–the bank wanted 3 years of 1040s up to the Taxable Income line. We gave them both sides of the pages. Still, the bank was not happy. The closing date was seven business days away.

The mortgage wizard insisted on a copy of the family trust. Now we were not happy. The mortgage officer was not so happy either. I suggested that trust income was being held to a higher burden of proof than employment income–does the bank insist on an employment contract or look into the financials of the employer? No, the mortgage wizard just looks at pay stubs and deposit statements–so what’s the prejudice on trust income? Emboldened by this argument, the mortgage officer (bless her heart) drew back the curtain and found the mortgage wizard wrapped in this cloak from Fannie Mae:

After chanting “Fannie Mae, twenty-oh-eight!” several times, we pointed at the word “or” and provided the wizard with a secure letter from the trustee that addressed amount, frequency, and duration.

The casual reader can hear the ruby slippers clicking and imagine that the story ends, but no, we are walking in a strange land.

The mortgage underwriting wizard was still not happy, but a little nervous with this hole in his curtain. The plucky mortgage officer gathered her friends and determined that better than a broom, better than a brain, or a heart, was the courage to propose 3 years of Schedules B & D.

The mortgage wizard finally left in a balloon throwing buckets of money overboard for us to get to Kansas, well, somewhere.

Hope to see you there.