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?

Jenny's net worth increased from $600,000 to $750,000 this year.  During the year, she inherited $50,000 in stocks and bonds.  Jenny earned a salary of $80,000 and saved $10,000 of her salary in her 401(k) plan.  Jenny contributed $3,000 to her IRA from her checking account.  She also used $5,000 from her money market to purchase new bedroom furniture.  Her investments grew by $75,000.  Assuming these are all of her transactions, what was the principal reduction on her mortgage? $5,000 $10,000 $15,000 $20,000 $25,000

Fred’s net worth is shown in the table below. Assets are positive numbers and liabilities are negative numbers. If Fred’s net worth is $74,000 how much does he owe in credit card debt?

Bao and Mary Jane Lee have a yearly income of ​$93 comma 842 and own a house worth ​$127 comma 900​, two cars worth a total of $ 28 comma 195 and furniture worth ​$14 comma 085. The house has a mortgage of ​$85 comma 677 and they have a car loan with an outstanding balance of ​$5 comma 822. Utility​ bills, totaling ​$181 for this​ month, have not been paid. Calculate their net​ worth, and explain what it means.

Larry purchased an annuity from an insurance company that promises to pay him $9,000 per month for the rest of his life. Larry paid $946,080 for the annuity. Larry is in good health, and he is 72 years old. Larry received the first annuity payment of $9,000 this month. Use the expected number of payments in Exhibit 5-1 for this problem. a. How much of the first payment should Larry include in gross income? b. If Larry lives more than 15 years after purchasing the annuity, how much of each additional payment should he include in gross income? c. What are the tax consequences if Larry dies just after he receives the 100th payment?

S Robert owns a $187,000 town house and still has an unpaid mortgage of $119,000. In addition to his mortgage, he has the following liabilities: Liabilities Visa MasterCard Discover card Education loan Personal bank loan Auto loan Total Robert's net worth (not including his home) is about $24,100. This equity is in mutual funds, an automobile, a coin collection, furniture, and other personal property. $ 595 527 399 994 838 5,170 $ 8,523 a. What is Robert's debt-to-equity ratio? Note: Round your answer to 2 decimal places. Debt-to-equity ratio b. Has he reached the upper limit of debt obligations? Yes

The Federal Deposit Insurance Corporation insures deposits up to $250,000 per person per financial institution. Suzanne has $518,000 in a joint account with her husband, Ted. How much is not covered by FDIC insurance?

Mr. Madoff decides to form an animal shelter for dogs and cats. On May 1, (the Happiest day in my mom's life), he made the following transactions: 1. On 5/1, he invested $350,000.00 of his own funds to form Redemption Services, LLC. He also borrows $100,000.00 from Chase Bank and he deposits the cash into the business. He deposits all of the funds into the First Redemption Bank. 2. On 5/1, he paid $9,600.00 for insurance for 12 months. 3. On 5/1, he paid $21,000 for a security system on Account. The equipment has a 3-year useful life and a salvage value of $3,000.00. In addition, it costs $500.00 per month for the monitoring service. 4. On 5/2, he paid $3,000.00 for rent for the month. 5. On 5/3, he paid $1,500.00 for dog and cat food. 6. On 5/5, he bought $2,450.00 of pet supplies on Account. 7. On 5/10, he transfers $75,000.00 to Pope Francis Bank. 8. On 5/12, he transfers $1,000.00 to form a petty cash account. 9. On 5/14, he paid out $2,500.00 in wages to his employees. Employees…

Jordan Harris owns a vehicle worth $ 20,000 and a home worth $230,000. He has a checking account balance of $1,000, a savings account balance of $1,000, and a mutual fund worth $ 75,000. His personal assets are worth $100,000. He still owes $ 10,000 on his car, $101,000 on his home, and $1,000 on his credit card. What is Jordan's net worth? Multiple Choice $538, 000 $427,000 $315,000 $112,000 $136, 000

Allen and Meagan, aged 43 and 33, have 2 children aged 6 and 8. They live in their own home, which is jointly owned. The family home is currently worth $675,000, which is on a $275,000 mortgage loan. They have contents worth $100,000. Allen works as a part-time accountant and earns a $32,000 annual salary. In addition to this job, he runs an accounting services business, which earns him $25,000 annually. This business was valued at $45,000 by an independent assessor when he applied for a loan last year, which was not approved. Allen’s employer pays superannuation guarantee payments to an industry superannuation fund, which has accumulated to $50,000. This superannuation fund provides term life cover of $100,000 for Allen. Meagan works as a sales manager and earns $75,000 p.a. Currently, she has $175,000 in her superannuation account. She doesn’t have life insurance cover.   On average, Allen, Meagan and the family have monthly living expenses amounting to $8,500. They would like to…