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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