# 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

Instructor Explanation:

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

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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

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