Ted owns a car worth $40,000. Owns home worth $275,000, Checking acct with $800, Saving Acct with $1,900, mutual fund worth $110,000. Personal assets worth $90,000. He still owes $25,000 on his car and $150,000 on his home, and has balance on credit card of $1,600. What's Ted net worth?

Ted owns a car worth $40,000. Owns home worth $275,000, Checking acct with $800, Saving Acct with $1,900, mutual fund worth $110,000. Personal assets worth $90,000. He still owes $25,000 on his car and $150,000 on his home, and has balance on credit card of $1,600. What's Ted net worth?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter11: Property Dispositions

Section: Chapter Questions

Problem 72IIP

See similar textbooks

Related questions

Q: What is Alyssa's equity in the house?

A: Loan Amount: It is the amount given to the borrower from the bank and the bank charges interest on…

Q: surance policy and paid a premium of 50000 annually. He paid tuition fee for his

A: Mr B is the resident senior citizen [60+]of India . For F.Y 20-21 & A.Y 21-22 , there are two…

Q: Mandy has determined the following information about her own financial situation. Her checking…

A: Total value of the assets is the sum of the value of the all assets. Hence, all assets need to be…

Q: How much is the estate tax?

A: The law states that one can withdraw the bank deposits of a deceased person after settling the…

Q: Suppose that David's only assets are an automobile worth $10,000 and a checking account with a…

A: The computations as follows:

Q: This year, Major Healy paid $40,000 of interest on a mortgage on his home (he borrowed $800,000 to…

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…

Q: Mr B aged 63 years, has earned rupees 75,00,000 out of his business . His ex- wife gifted him cash…

A: Mr B is the resident senior citizen [60+]of India . For F.Y 20-21 & A.Y…

Q: Rachel has a house which is worth $500,000, a mortgage of $200,000, $20,000 worth of bank deposits,…

A: Financial assets are the assets which arises from a contractual agreement which provides future cash…

Q: Enrique Requiestas, resident citizen, widower, with a dependent minor brother, had the following…

A: The answer is stated below:

Q: Cynthia found various ways to make use of her money to generate income. The following summarizes all…

A: A business or an individual may earn additional income by investing the money in instruments, or…

Q: Jeanette also received $5,000 from the rich uncle. She put the money into a savings account at 2%…

A: Given: Amount received now=$5,000 (Present value) Interest rate=2% To find: How long it will take to…

Q: Cynthia found various ways to make use of her money to generate income. The following summarizes all…

A: Interest income is the income which is earned on the bank deposits or the borrowings. Given in the…

Q: Shelly's assets include checking & savings acct, stocks, household property, coin collection.…

A: Compute the net worth:The net worth of shelly is $143,900.Excel spread sheet:

Q: Mr B aged 63 years, has earned rupees 75,00,000 out of his business . His ex- wife gifted him cash…

A: Introduction: Taxes are mandatory payments imposed on individuals or businesses by a…

Q: Mr. Shabib is a Sole trader. He has withdrawn cash OMR 2,000 from the business to buy a laptop for…

A: Answer

Q: Jace is trying to determine how to invest $1,234.56 that he inherited from his cousin Elijah. He…

A: Note: All the Given Options are incorrect, so we are solving the correct one for you as per the…

Q: Calculate his taxable income and tax liability.

A: Taxable Income is a part of the company's gross income that government subjected to the taxes. It is…

Q: Using the information below determine Layla's Net Worth: Savings Account: $5,000, Checking Account:…

A: Net worth = Total Assets - Total liabilities

Q: daughter for

A: Mr B is the resident senior citizen [60+]of India . For F.Y 20-21 & A.Y 21-22 , there are two…

Q: How much money did he invest?

A: P=principal=?A=amount(principal+interest)=$7000r=rate of interest=4%t=time=10 years

Q: Tony and Arlene Demming are trying to figure out their current financial health. They will pay off…

A: Gross household income is $5700 per month Interest income on investment is $95 per month

Q: Ted owns a Lexus worth $49,800. He owns a home worth $297,000. He has a checking account with $880…

A: Solution- Given- Lexus worth=$49,800 Home worth=$2,97,000 Account=$880 Saving account=$1,880 Mutual…

Q: Ken Lewin, a factory worker in Toronto, Ontario asks you to help him find out how much he is worth…

A: Accounting equation means the relation between the assets , liabilities and owner equity. Assets…

Q: Ted owns a Lexus worth $41,600. He owns a home worth $292,000. He has a checking account with $870…

A: Non- current assets (NCA) - Assets which are not expected to be sold within 1 year and whose…

Q: Robert owns a $213,000 town house and still has an unpaid mortgage of $174,000. In addition to his…

A: Debt-Equity Ratio in personal finance refers to amount of debt on person in respect of assets held…

Q: Jamie purchased a condo in Naples, Florida, for $699,000. She put 20% down and financed the rest at…

A: Given that the total cost is $699,000 from which 20% down payment was made and remaining was…

Q: Ted Riley owns a vehicle worth $38,000 and a home worth $340,000. He has a checking account balance…

Q: Using the information below, determine Brian's Net Worth. Savings Account: $5,400, Checking Account:…

A: Net worth = Total assets - Total liabilities

Q: Preston invested P450,000 with 12% return in a machine shop and 10% return in a computer shop. His…

A: Return on investment :— It is calculated by multiplying rate of return with investment. In this…

Q: ter for rupees 50000. He invested rupees 80000 in PPF. One of his existing life insurance policy got…

A: The taxable income of taxpayers is the income liable to tax and it is the income used to determine…

Q: A mother wants to invests 9,000.00 for her sons future education she invests a portion of the money…

A: Solution:- Interest is the return amount on money invested.

Q: Robert owns a $140,000 townhouse and still has an unpaid mortgage of $110,000. In addition to his…

A: Debt-to-equity ratio Debt-to-equity is one of the important ratios used to evaluate a company's…

Q: Jamie McFarland has determined that the value of her liquid assets is $4,500, the value of her real…

A: Total liabilities is the sum of total long term debt and short term debt. similarly, Total assets…

Q: Cynthia found various ways to make use of her money to generate income. The following summarizes all…

A: Interest income on a saving bank account is not to be considered. all other interest is to be taken.

Q: roprietorship income $50,000 Interest from State of Georgia bonds $40,000 Capital gain $20,000…

A: Gross income can be defined as an aggregate of eligible income earned during the financial year.…

Q: Stephanie inherited $40,000. She wants to put some of the money in a certificate of deposit that…

A: Assumption: It is assumed that the amount deposited in the certificate of deposit is ‘a’.

Q: Calculate his taxable income and tax liability under income tax act 1961 (india)

A: Taxable income: This is the income on which the tax liability is calculated. This is arrived at by…

Q: At the start of the year, Josh has assets worth $500,000. He has debts worth $350,000. Over the…

A: Formula - Networth = Total Assets - Total Liabilities opening balances= total assets = $500000…

Q: Calculate his taxable income and tax liability.

A: Note: Expenses for a family trip is not allowed.

Q: Mike and Mary Jane Lee have a yearly income of $71,428 and own a house worth $107,200, two cars…

A: Asset refers to any economic value resource for an individual, corporation or a country. It…

Q: On a boy's seventh birthday, his parents deposited 5,000 in his name in a savings bank paying 2%…

A: Deposit amount (PV) = 5000 Quarterly interest rate (r) = 2% Period from 7th birthday to 21 days =…

Q: 50000. He bought a life insurance policy and paid a premium of 50000 annually. He paid tuition fee…

A: Taxable Income is that the portion of a person’s or company’s gross income that the govt deems…

Q: Using the following information about the family’s assets and liabilities, calculate the total…

A: Assets are things with economic value that an owner uses over time to reap benefits. Assets consists…

Q: Jasmine Smith owns a condo worth $260,000, a car valued at $25,000, and miscellaneous assets worth…

A: Total Liabilities = Total Assets - Net Worth Total Assets = Value of Condo + Car + Miscellaneous…

Q: Taylor invests part of her $2 000 savings into a savings account at 6% and part into a GIC at 8%…

A: In this we have to calculate interest in both cases and than calculate the amount invested in each.

Q: Mr B aged 63 years, has earned rupees 75,00,000 out of his business . His ex- wife gifted him cash…

A: A tax is a governmental organization's mandatory financial obligation or other form of levy enforced…

Q: Mrs. Pores invested ₱150,000 in a bank that pays an 13% interest converted monthly. If her account…

A: Invested amount is P150,000 Account balance today is P168,900 Interest rate is 13% converted…

Q: Upon selling his residence, the lawyer Hinojosa buys a flat and deposits the rest in an account that…

A: Simple interest seems to be a fast and easy way to figure out how much interest you pay on a loan.…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.

Similar questions

Carlos opens a dry cleaning store during the year. He invests 30,000 of his own money and borrows 60,000 from a local bank. He uses 40,000 of the loan to buy a building and the remaining 20,000 for equipment. During the first year, the store has a loss of 24,000. How much of the loss can Carlos deduct if the loan from the bank is nonrecourse? How much does Carlos have at risk at the end of the first year?
Ted Riley owns a Lexus worth $42,000. He owns a home worth $320,000. He has a checking account with $500 in it and a savings account with $2,400 in it. He has a mutual fund worth $114,000. His personal assets are worth $94,000. He still owes $21,300 on his car and $192,000 on his home, and he has a balance on his credit card of $2,100. What is Ted’s net worth?
Robert owns a $190,000 town house and still has an unpaid mortgage of $142,000. In addition to his mortgage, he has the following liabilities: Liabilities Visa $ 637 MasterCard 517 Discover card 483 Education loan 994 Personal bank loan 892 Auto loan 4,580 Total $ 8,103 Robert’s net worth (not including his home) is about $30,400. This equity is in mutual funds, an automobile, a coin collection, furniture, and other personal property. (a) What is Robert’s debt-to-equity ratio? Im not sure how to round the answer to 2 decimal places. (b) Has he reached the upper limit of debt obligations? yes or no?
The severson family owns a house worth $280,000, of which they still owe $113,545 on the mortgage. They also own two cars, one worth $5,200 and the other worth $15,600. They still owe $9,200 on one of the car loans. They have $2,300 in credit card debt and owe $18,200 for their daughter’s wedding. What is their net worth? A $157,555 B $162,155 C $143,245 D $300,800
Suppose that David's only assets are an automobile worth $10,000 and a checking account with a $5,000 balance. His only liabilities are a student loan balance of $12,000 and a balance of $9,000 on his car loan. What is his net worth?
Gabrielle owns the following major assets: $280,000 house, $10,000 car, $70,000 in a Roth IRA, and $20,000 in a savings account. She owes $70,000 on her mortgage, the car is paid off, and she does have not credit card debt. Gabrielle is 32 years old and makes $67,000 a year as a professional photographer & Web designer. Calculate her net worth. O $310,000 O $140,000 O $280,000 O $377,000
Kim Jae-Yun owns a condo worth $270,000, a car valued at $30,500, and miscellaneous assets worth $15,500. She owes $179,000 on the condo and $11,000 on the car and has no other debts. Her retirement account, in which she is fully vested, contains $34,500 in mutual funds. She was just insured with a $680,000 term life insurance policy. What are her total assets?
Hadiya Benzema is reviewing her assets and liabilities. What is her net worth? Assets: Cash in checking account, $1,000 Cash in savings account, $2,800 Current value of investments in U.S. savings bonds, $4,000 Current value of investments in stocks & mutual funds, $9,700 Current cash value of life insurance, $7,300 Current value accrued pension benefit, $25,000 Current value of house, $155,000 Current value of furniture and appliances, $8,000 Current value of jewelry, $600 Current value of automobile, $7,200 Liabilities: Current unpaid bills, $800 Home mortgage unpaid balance, $100,000 Auto loan unpaid balance, $3,200 Property Taxes owed, $1,000 Home improvement loan balance, $1,200
Robert owns a $140,000 townhouse and still has an unpaid mortgage of $110,000. In addition to his mortgage, he has the following liabilities: Visa $565 MasterCard 480 Discover card 395 Education loan 920 Personal bank loan 800 Auto loan 4,250 Total $7,410 Robert’s net worth (not including his home) is about $21,000. This equity is in mutual funds, an automobile, a coin collection, furniture, and other personal property. What is Robert’s debt-to-equity ratio? Has he reached the upper limit of debt obligations? Explain
Kristian purchased a new home for $200,000. He put down $50,000 in cash and took out a mortgage for the rest. At the time of closing, he also paid $1,000 for title insurance, $500 in recording fees, and the bank required that he place $2,500 in an escrow account for property taxes. What is the basis of the home?
Dave bought a rental property for $550,000 cash. One year later, he sold it for $530,000. Suppose Dave invested only $75,000 of his own money and borrowed $475,000 interest-free from his rich father. What was his return on investment?
Jeanette also received $5,000 from the rich uncle. She put the money into a savings account at 2% interest. How long will it take to double her money?