Net Worth Problem Compute the income from unknown sources for Years Two and Thre

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 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 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

Explanation / Answer

Net worth is calculated as under:

31-12-2012 31-12-2013 31-12-2014 Total Assest 80,000 83,000 270,000 Total Liab. 58,000 43,000 Net Worth 22,000 40,000 270,000 Change in net worth 18,000 230,000 Yearly Saving 0 10,000 18,000 Income from other source(balancing figure) 8,000 212,000

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