Question
Question 1 (6 marks) Given below the three-year financial information about a potential suspect: Year 1 Year 2 Year 3 Assets: Residence $100,000 $100,000
Question 1 (6 marks) Given below the three-year financial information about a potential suspect: Year 1 Year 2 Year 3 Assets: Residence $100,000 $100,000 $100,000 Baseball cards $15,000 $15,000 $25,000 Automobiles $0 $30,000 $50,000 Paintings $50,000 $150,000 $250,000 Cash $6,000 $12,000 $14,000 Liabilities: Mortgage balance $100,000 $50,000 SO Auto loan $30,000 SO Income: Salary $34,000 $36,000 Other $6,000 $6,000 Expenses: Mortgage payments $6,000 $6,000 Auto loan payments $4,800 $4,800 Other living expenses $20,000 $20,000 Required: Determine whether there is a likelihood of illegal income. If so, determine the amount of unknown income.
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