Evaluate the numerical information and determine the following: a. The net worth for year 1, 2 and
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Question:
Evaluate the numerical information and determine the following:
a. The "net worth" for year 1, 2 and 3. (present the calculation)
b. The "income from unknown sources" for years 2 and 3. (present the calculation)
c. Write (in detail) the explanation you would give to a judge and the opposing party in"income from unknown sources" result room for year 2 and year 3 and what this represents and means.
Transcribed Image Text:
Home Car Year 1 $300,000 Year 2 $220,000 Year 3 $220,000 25,000 25,000 50,000 Investments 40,000 50,000 65,000 Bank account 3,000 7,000 10,000 Total Assets $368,000 $302,000 $345,000 Home loan $200,000 $150,000 $100,000 Auto loan 20,000 0 0 Student loan 40,000 20,000 0 Total Liabilities $260,000 $170,000 $100,000 Salary $80,000 $80,000 Investments 4,000 10,000 Inheritance Total Income Home loan Auto loan 6,000 $90,000 $90,000 $15,000 $13,200 9,600 9,000 Other living 25,000 30,000 Wedding 4,000 0 Total Expenses $53,600 $52,200 Home Car Year 1 $300,000 Year 2 $220,000 Year 3 $220,000 25,000 25,000 50,000 Investments 40,000 50,000 65,000 Bank account 3,000 7,000 10,000 Total Assets $368,000 $302,000 $345,000 Home loan $200,000 $150,000 $100,000 Auto loan 20,000 0 0 Student loan 40,000 20,000 0 Total Liabilities $260,000 $170,000 $100,000 Salary $80,000 $80,000 Investments 4,000 10,000 Inheritance Total Income Home loan Auto loan 6,000 $90,000 $90,000 $15,000 $13,200 9,600 9,000 Other living 25,000 30,000 Wedding 4,000 0 Total Expenses $53,600 $52,200
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