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Use the net worth method to calculate the unreported income for the following scenario: January 1, 2021 Net Worth: Values Assets: Home: $275,000 Vehicles $75,000
Use the net worth method to calculate the unreported income for the following scenario:
January 1, 2021 Net Worth: | Values |
Assets: | |
Home: | $275,000 |
Vehicles | $75,000 |
Properties: | $130,000 |
Investments: | $410,000 |
Other Assets: | $60,000 |
Liabilities: | |
Mortgages: | $115,000 |
Car Loans: | $35,000 |
Personal Loans: | $15,000 |
Other debts: | $25,000 |
December 31, 2021 Net Worth: | |
Assets: | |
Home: | $275,000 |
Vehicles | $45,000 |
Properties: | $180,000 |
Investments: | $530,000 |
Other Assets: | $80,000 |
Liabilities: | |
Mortgages: | $95,000 |
Car Loans: | $0 |
Personal Loans: | $15,000 |
Other Debts: | $10,000 |
Income reported during the period: $175,000
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