The following information is provided for Yae-joon and Selah, ages 38 and 37, respectively: Assets Liabilities Checking
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The following information is provided for Yae-joon and Selah, ages 38 and 37, respectively:
Assets | Liabilities | |||
---|---|---|---|---|
Checking account | $1,900 | Home mortgage balance | $100,000 | |
Money market mutual fund | $5,400 | Outstanding auto loans | $25,400 | |
IRAs (1-year CD) | $4,600 | Credit card balances | $5,200 | |
Section 401(k) plan (vested) | $170,000 | |||
Mutual funds | $26,000 | |||
Residence | $160,000 | |||
Autos | $38,000 | |||
Personal property | $50,000 | |||
Other information | ||||
Yae-joon's gross salary | $56,000 | |||
Selah's gross salary | $62,000 | |||
Annual fixed expenses | $18,000 | |||
Annual variable expenses | $42,900 |
Based on this information, what is the net worth of Yae-joon and Selah?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: