Question: Net Worth Problem Compute the income from unknown sources for Years Two and Three from the following data: Please show your work. 2012/12/31 2013/12/31 2014/12/31

Net Worth Problem
Compute the income from unknown sources for Years Two and Three from the following data:
Please show your work.
2012/12/31 2013/12/31 2014/12/31
Assets:
Residence $50,000.00 $50,000.00 $200,000.00
Stocks and Bonds $10,000.00 $10,000.00 $10,000.00
Automobiles $15,000.00 $15,000.00 $40,000.00
Cash $5,000.00 $8,000.00 $20,000.00
Liabilities:
Mortgage Balance $40,000.00 $30,000.00 $ -
Auto Loan $8,000.00 $5,000.00 $ -
Student Loans $10,000.00 $8,000.00 $ -
Income:
Salary $30,000.00 $35,000.00 $40,000.00
Other $ - $1,000.00 $1,000.00
Expenses:
Mortgage Payments $5,000.00 $5,000.00 $ -
Car Payments $1,000.00 $5,000.00 $2,500.00
Student Loan Payments $1,000.00 $1,000.00 $500.00
Other living expenses $15,000.00 $15,000.00 $20,000.00
Total Living Expenses $22,000.00 $26,000.00 $23,000.00

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