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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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