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Compute the income from unknown sources for Years Two and Three from the following data: Please show your work. 12/31/2018 12/31/2019 12/31/2020 Assets: Residence 400000
Compute the income from unknown sources for Years Two and Three from the following data: Please show your work. 12/31/2018 12/31/2019 12/31/2020 Assets: Residence 400000 400000 750000 Stocks and Bo 25000 25000 25000 Automobiles 50000 75000 100000 Cash 25000 50000 75000 350000 Liabilities: Mortgage Bali Auto Loan Student Loans 35000 25000 300000 75000 20000 0 0 0 Income: Salary Other 50000 0 55000 3500 60000 3500 30000 0 Expenses: Mortgage Pay Car Payments Student Loan Other living e 30000 7200 3600 18000 9600 3600 18000 4800 1800 24000 Formula step by step instructions 1 calculate net worth for each year (Yr 1, 2 & 3) 2 determine increase in net worth for years 2 and 3 (year 2 minus year 1 and year 3 minus year 2) 3 add expenses to the increase in net worth figures that you calculated in step 2 for years 2 and 3 4 subtract the stated income from the subtotals for years 2 and 3 from step 3 above 5 the difference between the subtotals of step 4 and stated income is the income from unknown sources
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