Question
The following items provide information about an individual for the past year. What is the individual's ending cash balance? Purchase of a new car $25,000
The following items provide information about an individual for the past year. What is the individual's ending cash balance?
| Purchase of a new car | $25,000 |
| Cash used on living expenses | 30,000 |
| Beginning cash balance | 8,000 |
| Net worth, beginning | 22,000 |
| Unpaid utility and rent bills | 2,000 |
| Car loan proceeds | 20,000 |
| Sale of old car | 1,000 |
| Annual net pay from job | 44,000 |
| Car loan payment | 1,000 |
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South Western Federal Taxation 2014 Comprehensive Volume
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
37th Edition
1285180925, 978-1285180922
