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I have a case study about a fictional couple with the objective being to find the funds from unknown sources for the years 2014, 2015,

I have a case study about a fictional couple with the objective being to find the "funds from unknown sources" for the years 2014, 2015, 2016 (2013 is the base year for investigation). Basically a net worth analysis for each year needs to be completed. I was hoping for help on the base and first year so I can make sure I'm classifying my assets/liabilities/expenses correctly if possible given the following information:

  • Dallas County Property records shows the Hucklebees bought a new home for $276,000 on 10/31/2013.When the Hucklebees applied for the mortgage they were required to submit a financial statement.Their financial statement listed the following assets and liabilities

Savings Account - $3,000

Checking Account - $6,000

2011 Buick Automobile - $23,898

Cash - $4,000

Furniture/Household items - $18,000

  • Benjamin Hucklebee, after totaling a previous car while drag racing with a friend, bought another car on 8/2/2013 for $64,000.00.It was financed through Richardson Savings Bank for 84 months at 4.7% interest.The monthly payments were $942.63.Hucklebee paid interest charges of $3,016.61 in 2013 and had a principal balance of 62,774.92 at the end of 2013; interest charges of $4,465.99 in 2014, and had a principal balance of $57,154.01 at the end of 2014; interest charges of $3,957.94 in 2015, and had a principal balance of $49,800.39 at the end of 2015 and interest charges of $3,311.37 in 2016, and had a principal balance of $41,800.20 at the end of 2016.

  • On 3/21/2015, Benjamin Hucklebee purchased another car for $36,557.00.He made a down payment of $8,000 at the time of purchase, and paid the balance when he picked up the vehicle the following week

  • The Hucklebees signed a contract to install a swimming pool at a cost of $24,600.00 on 9/23/2015.They made a down payment of $11,000.00 at this time, with the stipulation that the balance would be paid upon completion of the new pool.Due to bad weather delays, the pool wasn't completed until 4/8/2016.

  • Stephanie Hucklebee, feeling the need to take up a hobby, decided to try her hand at fishing. She ordered a very fancy little custom-made fishing boat for $30,498.00 on 12/14/2015.She was required to put down at least 20%, so she decided to make a nice, round down payment of $7,000.00.The balance was due when the boat was delivered on 6/22/2016.

  • Deciding he also wanted to be on the water, and not to be outdone by his lovely wife, Benjamin Hucklebee went out and purchased a Jet Ski on 4/7/2016.It costs $10,498.00, which he paid in full using a secret cash hoard which Stephanie knew nothing about.

  • Due to an underestimation in their tax year 2013 taxes, the Hucklebees were required to pay $812 when they filed their return on 4/15/2014.

  • The 2014 Federal Income Tax Return for Benjamin and Stephanie Hucklebee contains a Schedule C (Sole Proprietorship) for Hucklebee's Seafood Restaurant. He had gross income of $141,823.00 but had expenses totaling $94,465.00. They owed $2,626.00 in taxes, which they paid when the return was filed on 4/15/2015.Also, since Benjamin projected that income from the restaurant would significantly increase during the year, he made a tax deposit payment of $4,000 in July 2015, and another payment of $1,500.00 in January 2016.

  • The 2015 Federal Income Tax Return for Benjamin and Stephanie Hucklebee also contains a Schedule C (Sole Proprietorship) for the restaurant. He had gross income of $250,100.00 but had expenses totaling $238,480.00. They received a refund of $1,400 after filing their return on 4/15/2016.

  • The 2016 Federal Income Tax Return for Benjamin and Stephanie Hucklebee contains the same Schedule C (Sole Proprietorship) for the restaurant. He had gross income of $348,215.00 but had expenses totaling $241,330.00. They owed $11,393.00 in taxes, which they paid when the return was filed on 3/15/2017.

  • The Hucklebees signed a $30,000 contract to remodel their kitchen. It was 10% completed by the end of 2014, about 2/3 completed by the end of 2015, and totally completed in 2016.

  • Through various investigative steps, you also discovered the following:

  1. A Rolex watch purchased in by Stephanie in 2013 for $5,750.
  2. A motorcycle valued at $32,895 received by Benjamin as a gift in 2016.
  3. The Hucklebees bought a lot of jewelry. They spent $60,000 in 2014, 70,000 in 2015, and $80,000 in 2016.

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