- Business
- Accounting
- end year 1 end year 2 end year 3 assets...
Question: end year 1 end year 2 end year 3 assets...
Question details
End year 1 | end year 2 | end year 3 | |
Assets | |||
Property | $50,000 | $50,000 | $200,000 |
Motor Vehicle | 15,000 | 15,000 | 40,000 |
Shares | 10,000 | 10,000 | 10,000 |
Cash | 5,000 | 8,000 | 20,000 |
Liabilities | |||
Mortgage Balance | $40,000 | $30,000 | $0 |
Car Loan | 8,000 | 5,000 | 0 |
Students loans | 10,000 | 8,000 | 0 |
Income | |||
Salary | $30,000 | $35,000 | $40,000 |
other (interest) | 0 | 1,000 | 1,000 |
Expenses | |||
Mortgage PAyments | $5,000 | $5,000 | $0 |
Car payments | 1,000 | 5,000 | 2,500 |
Student loan payments | 1,000 | 1,000 | 500 |
Other living expenses | 15,000 | 15,000 | 20,000 |
Required:
A. Prepare a net worth calculation to determine unknown income based on the data provided above. [5 marks]
B. In your own words, briefly discuss the results from your analysis. [5 marks]
Solution by an expert tutor
