Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

is this correct? Income: - Salary: 1 1 8 , 0 0 0 - Self - employment income: 2 4 , 5 0 0 -

is this correct? Income:
- Salary: 118,000
- Self-employment income: 24,500
- Bank account interest: 30.75(2,050*1.5%)
- Building society deposits interest: 4,998(178,500*2.8%)
Total Income: 147,528.75
Expenses:
- Total house expenses: 6,010
- Utilities expenses: 5,250
- Housekeeping expenses: 20,750
- Motor expenses: 3,965
- Travel and leisure expenses: 23,500
- Personal expenses: 1,200
- Savings and personal allowance expenses: 18,000
- Outstanding mortgage: 126,000
- Other qualifying loans: 22,000
- Credit card balance (at 18.4% interest): 3,755(32,500*18.4%*5%)
- Another credit card balance (at 9% interest): 2,352(12,800*9%*5%)
Total Expenses: 209,782
Net Income (Income - Expenses): -62,253.25

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield

13th Edition

9780470374948, 470423684, 470374942, 978-0470423684

More Books

Students also viewed these Accounting questions