Question
After Miriam left the Center, Ruth was able to obtain some additional financial information on Miriam activities during the past three years. The records revealed
After Miriam left the Center, Ruth was able to obtain some additional financial information on Miriam activities during the past three years. The records revealed that in 2018 Miriam had a modest property that she purchased for $45,000. She had a mortgage on that same property in the amount of $40,000. Other public records indicate that Miriam also owned a property that cost $135,000 and the balance on the mortgage was $92,000 in 2019. Ruth further discover that in 2018, Miriam had a car that cost $4,500 and there was a loan taken out for that car in the amount of $2,750. Miriam also had $5,500 in savings with National Commercial Bank in 2018 and one year later, had $10,000 in savings at National Commercial Bank. She also has a credit card with National Commercial and had paid $1,875 to the bank for credit card payments in 2019. The car she currently drives cost $23,000 and the balance of the loan on that car was $13,275 in 2019. Miriam salary in 2019 included a salary of $25,325 and extra income from doing side jobs for the church in the amount of $3,400. Her living expenses have been estimated at $16,825 in 2019. By 2020, she had savings of $16,500 and had made credit card payments in the amount of $2,540 in that same year. She still owned the same property but the balance on the mortgage was now $73,000. She still drove the same vehicle but the loan on the vehicle was now $7,850. Miriam bought a piece of land that cost $23,000 and a jet ski for one of her kids that cost $2,500 in 2020. Her compensation for 2020 included a salary of $28,250 with extra income of $7,000. Her living expenses were estimated at $18,725
1) Using the net worth method, estimate the amount of the possible embezzlement by Miriam in 2019 and 2020
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