Steve (Slick) Willy, 45, just got out of jail. As a reformed citizen on parole, Slick decides to go into  business for himself. He starts a collections company to help companies collect debts. The terms of  his parole stipulate that he pay restitution payments to the federal government of $400 a month, or  10 percent of his income, whichever is greater. As his parole officer, you notice that after a year out  of jail, Slick makes some interesting purchases. First, he buys a new Jaguar, which he drives to parole  meetings. Second, he moves into an expensive neighborhood on the north side of town and takes a  cruise to Jamaica with his 19-year-old girlfriend. Yet, he has never been late making his $400 monthly  payments to the federal government. After obtaining a subpoena for his bank records, you notice that  he has only $1,000 in his account. About this time, you receive a call from a man who is making  payments to Slick’s collection company. He states that Slick is threatening to break his legs and hurt  his family if he doesn’t pay Slick’s company. The man says Slick demands the checks be made out to  a woman, not a company. This complaint convinces you to investigate Mr. Willy and his girlfriend. A search of UCC filings in the  county shows that Slick’s girlfriend owns three cars costing a total of $90,000, a $250,000 house, and  a company called Tak’It From You. You check her bank account and see that more than $50,000 is  moving through the account each month. You decide to dig through Slick and his girlfriend’s trash a few times each month. In these searches, you find evidence that supports the following: three car  payments totaling $1,000 per month; a $1,500 monthly mortgage payment; a credit card balance of  $6,000, with $100 monthly payments; a balance of $12,000 owed to Home Shopping Network, with  $500 monthly payments; $400 food payments during the past two weeks; and a $3,500 payment to  Jamaican Cruise Lines. After searching the girlfriend’s trash, you talk to her neighbors, friends, and  coworkers and determine that she and Slick spend between $1,500 and $2,000 a month on  miscellaneous items and trips. One neighbor tells you that Slick just gave his girlfriend a diamond  ring that cost $3,000. Slick’s girlfriend works as a waitress at a small restaurant and makes only  $15,000 a year. (Note: Assume that both Slick and his girlfriend’s net worth last year were zero.)Uselast year were zero.)Use this information to prepare a net worth analysis of Slick’s girlfriend. (Ignore interest in your calculations.)

Steve (Slick) Willy, 45, just got out of jail. As a reformed citizen on parole, Slick decides to go into 

business for himself. He starts a collections company to help companies collect debts. The terms of 

his parole stipulate that he pay restitution payments to the federal government of $400 a month, or 

10 percent of his income, whichever is greater. As his parole officer, you notice that after a year out 

of jail, Slick makes some interesting purchases. First, he buys a new Jaguar, which he drives to parole 

meetings. Second, he moves into an expensive neighborhood on the north side of town and takes a 

cruise to Jamaica with his 19-year-old girlfriend. Yet, he has never been late making his $400 monthly 

payments to the federal government. After obtaining a subpoena for his bank records, you notice that 

he has only $1,000 in his account. About this time, you receive a call from a man who is making 

payments to Slick’s collection company. He states that Slick is threatening to break his legs and hurt 

his family if he doesn’t pay Slick’s company. The man says Slick demands the checks be made out to 

a woman, not a company.

This complaint convinces you to investigate Mr. Willy and his girlfriend. A search of UCC filings in the 

county shows that Slick’s girlfriend owns three cars costing a total of $90,000, a $250,000 house, and 

a company called Tak’It From You. You check her bank account and see that more than $50,000 is 

moving through the account each month. You decide to dig through Slick and his girlfriend’s trash a

few times each month. In these searches, you find evidence that supports the following: three car 

payments totaling $1,000 per month; a $1,500 monthly mortgage payment; a credit card balance of 

$6,000, with $100 monthly payments; a balance of $12,000 owed to Home Shopping Network, with 

$500 monthly payments; $400 food payments during the past two weeks; and a $3,500 payment to 

Jamaican Cruise Lines. After searching the girlfriend’s trash, you talk to her neighbors, friends, and 

coworkers and determine that she and Slick spend between $1,500 and $2,000 a month on 

miscellaneous items and trips. One neighbor tells you that Slick just gave his girlfriend a diamond 

ring that cost $3,000. Slick’s girlfriend works as a waitress at a small restaurant and makes only 

$15,000 a year. (Note: Assume that both Slick and his girlfriend’s net worth last year were zero.)Uselast year were zero.)Use this information to prepare a net worth analysis of Slick’s girlfriend. (Ignore interest in your calculations.)