Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Calculate the current ratio based on the i information provided, please show all work Calculate the Months Living Expenses Covered Ratio based on the information
Calculate the current ratio based on the i information provided, please show all work
Calculate the Months Living Expenses Covered Ratio based on the information provided, please show all work
Calculate the Debt Ratio based on the information provided, please show all work
Assets Liabilities Cash $ 500 $ 350 $ 1,200 $ 8,000 $- Checking Savings/CDs Money Market Funds Other Monetary Assets Monetary Assets Mutual Funds Stocks $ 8,000 $ 500 $ 90 $ 2,290 $ 5,600 Current Bills (unpaid balance) Visa Master Card Other Credit Cards Credit Card Debt First Mortgage 2nd Home Mortgage Home Equity Loan Other Housing Debt Housing Automobile 1 $ 105,000 $ 100,000 $ 9,000 $ 214,000 $3,000 Bonds Life Insurance (cash-value) Cash Value of Annuities Investment Real Estate (REITS, partnerships) Other investments Automobile 2 B. L. Investments 401(k) and 403(b) $ 5,600 $ 2,500 Other Automobile Loans Automobile Loans College Loans Loans on Life Insurance Policies $ 3,000 $ 4,000 Company Pension Bank Loans Keogh IRA $ 8,000 Installment Loans $1,000 Other Other Retirement Plans Retirement Plans Primary Residence M. Other Debts $ 5,000 $ 10,500 $ 170,000 2nd Home Total Debt (add lines through M) $ 230.350 Time-Shares/Condominiums Other Housing Net Worth D. $ 170,000 $ 8,000 Izo Total Assets Less: Total Debt Equals: Net Worth $ 207,390 $ 230,350 $ (22,960) $- Housing (market value) Automobile 1 Automobile 2 Other Automobiles Automobiles Collectibles $ 8,000 Boats $ 11,000 F. $ 11,000 Furniture Other Personal Property Personal Property Money Owed You Market Value of Your Business Other Other Assets G. H. Total Assets (add lines A through G) $207,390 Income Wages and salaries Wage Earner 1 $ 57,500 $ - $ 57,500 Wage Earner 2 Total Wages and salaries + Interest and Dividends + Royalties, Commissions and Rents + Other Income $ 720 A. Total Income $ 58,220 Taxes Federal Income and Social Security + State Income B. Total Income Taxes $ 11,830 $ 1,880 $ 13,710 $ 44,510 C. After-Tax Income Available for Living Expenditures or Take-Home Pay (line A minus line B) Living Expenses Housing Rent + Mortgage Payments + Utilities Maintenance, Taxes, Furniture, Other D. Total Housing Expenditures $ 19,656 $ 10,820 $ 30,476 $ 5,800 Food Food and Supplies + Restaurant Expenses E. Total Food Expenditures $ 1,400 $ 7,200 Clothing and Personal Care F. Total Clothing and Personal Care Expenditures S 2,590 Transportation Automobile Purchase + Payments + Gas, Tolls, Parking, Other G. Total Transportation Expenditures $ 2.588 $ 1,550 S 4,138 Recreation + Vacations + Other Recreation Expenses H. Total Recreation Expenditures $ 2,000 $ 1,700 $ 3,700 Medical Expenditures I. Total Medical Expenditures $ 410 Insurance Expenditures Health + Life + Automobile + Disability J. Total Insurance Expenditures $ 420 $ 1,260 $ 260 $ 1,940 Other Expenditures Educational Expenditures (college loans $ 1.600 payment) + Child Care $ 180 + Other Expenses K. Total Other Expenditures $ 1,780 $ 52,234 L. Total Living Expenditures (add lines D- K) M. Income Available for Savings and Investment $(7,724)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started