The Taylor Family had an income after income taxes and FICA withholding of $45,000 in 2020. They
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Question:
Spending in 2020 was:
Clothing $3,000
Auto payments $7.000
Braces for all $3,000 three kiddos Mortgage $12.000 payments
Entertainment $1,000
Auto Insurance $1,400
Healthcare expenses out of $1,350 pocket Cheerleading for $450 16 yr old
Baseball for 12 yr old $225
Volleyball for 14 yr old $175
Utilities $6000
Cell Phone $2,160
Cable and Internet $ 2,640
Their checking account had a balance of $390 and their savings accounts had a balance of 5/10 Their home has a market value $175,000. The balance on their mortgage was $140,000 .
What were the family's assets on Dec 31 2020?
What are the total liabilities for the family?
What is the family's net worth?
What is the family surplus or deficit for the year?
Related Book For
Fundamental Statistics for the Behavioral Sciences
ISBN: 978-1285076911
8th Edition
Authors: David C. Howell
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