Question: DO NOT USE CHATGPT....WILL BE REPORTED... PLEASE GIVE PROPER CALCULATIONS Given the following information, determine whether illegal income is likely. If so, determine the amount
DO NOT USE CHATGPT....WILL BE REPORTED...
PLEASE GIVE PROPER CALCULATIONS
Given the following information, determine whether illegal income is likely. If so, determine the amount of unknown income - show your calculations.
Financial Data | |||
Yr. 1 | Yr. 2 | Yr. 3 | |
Assets: | |||
Residence | $100,000 | $100,000 | $100,000 |
Baseball cards | $15,000 | $15,000 | $25,000 |
Automobiles | $0 | $30,000 | $50,000 |
Art work | $50,000 | $150,000 | $250,000 |
Cash | $6,000 | $12,000 | $14,000 |
Liabilities: | |||
Mortgage | $100,000 | $50,000 | $0 |
Auto loan | $0 | $30,000 | $0 |
Income: | |||
Salary | n/a | $34,000 | $36,000 |
Other | n/a | $6,000 | $6,000 |
Expenses: | |||
Mortgage payment | n/a | $6,000 | $6,000 |
Auto loan payment | n/a | $4,800 | $4,800 |
Other living expenses | n/a | $20,000 | $20,000 |
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