Fin580 Midterm

1613 words 7 pages
Grade Details - All Questions Question 1. Question :

(TCO A) Jean and Jim have liquid assets of $3,600 and other assets of $42,800. Their total liabilities equal $26,000. What is their net worth? (Show all work.)
Total Assets $46,400 Less: Total Liabilities 26,000 Equal: Net Worth $20,400 Liquidity: $3,600 +Other Assets: $42,800 Total Assets: $46,400 -Total liabilities: $26,000 Net Worth: $20,400

Student Answer:

Instructor Explanation:

Total Assets $46,400 Less: Total Liabilities 26,000 Equal: Net Worth $20,400

Points Received: Comments:

10 of 10

Question 2. Question :

(TCO A) Construct a balance sheet from the following information. Be sure the format is correct. (Show all work.) Cash on hand 1,000 Bank credit
…show more content…
Question :

(TCO B) Mary has the following expenses that she wants to include as itemized deductions for the year. Her adjusted gross income is $80,000. What is the total itemized deduction she can take? (Show all work.) Medical expenses Home mortgage interest Credit card interest Charitable contributions State property taxes Job-related expenses $4,500 8,000 450 1,500 2,400 1,900

Student Answer:

Adjusted gross income is $80,000 Medical expenses $4,500.00 $6,000.00 $- Must be 7.5% of gross Home mortgage interest $8,000.00 $8,000.00 Deductable Credit card interest $450.00 $- Not Deductable Charitable contributions $1,500.00 $1,500.00 Deductable State property taxes $2,400.00 $2,400.00 Deductable Job-related expenses $1,900.00 $1,600.00 $300.00 Deductable - meets the 2% of gross minimum in excess of $1600 $12,200.00 Total Deductions

Instructor Explanation:

Medical expenses $0 {$4,500 - (.075 x $80,000)} Home mortgage interest 8,000 Credit card interest (not allowed) Charitable contributions 1,500 State property tax 2,400 Job-related expenses 300 {$1,900

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