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?
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- Carol is age 65 and single. She has no earned income but does make about $10,000 a year from interest and dividends. Which of the following statements is true? She may make a $7,000 contribution to a Roth IRA this year. She may make a traditional IRA or a Roth IRA contribution this year. She may make a $7,000 contribution to a traditional IRA this year. O She may not make a traditional IRA or Roth IRA contribution this year.Jamie McFarland has determined that the value of her liquid assets is $4,500, the value of her real estate is $128,000, the value of her personal possessions is $62,000, and the value of her investment assets is $73,000. She has also determined the value of her current liabilities is $5,700 and the value of her long-term liabilities is $89,000. What is the total value of her debts?Jasmine Smith owns a condo worth $260,000, a car valued at $25,000, and miscellaneous assets worth $7,500. Her retirement account, in which she is fully vested, contains $27,500 in mutual funds. Her net worth is $165,000. What are her total liabilities? Multiple Choice $165,000 $155,000 $320,000 $465,000 $260,000
- Ellie purchases an insurance policy on her life and names her brother, Jason, as the beneficiary. Ellie pays 32,000 in premiums for the policy during her life. When she dies, Jason collects the insurance proceeds of 500,000. As a result, how much gross income does Jason report?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, 000Gabrielle 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
- Alexa owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: Mortgage interest Property taxes $7,925 2,760 Insurance 2,950 TULE Repairs & maintenance 1,875 Utilities 4,400 16,875 Depreciation Ce During the year, Alexa rented out the condo for 100 days and received $23,800 in gross rental receipts. She did not use the condo at all for personal purposes during the year. Alexa's AGI from all sources other than the rental property is $120,000. Alexa has no sources of passive income. (Leave no answer blank. Enter zero if applicable.) What effect does the rental activity have on Alexa's AGI? Alexa makes all decisions with respect to the property. AGI 1.01 increases by decreases by no effectOld Alfred Road, who is well-known to drivers on the Maine Turnpike, has reached his 70th birthday and is ready to retire. Mr. Road has no formal training in finance but has saved his money and invested carefully. Mr. Road owns his home - the mortgage is paid off - and does not want to move. He is a widower, and he wants to bequeath the house and any remaining assets to his daughter. He has accumulated savings of $180,000. The investments are yielding 9% interest. Mr. Road also has $12,000 in a savings account at 5% interest. He wants to keep the savings account intact for unexpected expenses or emergencies. Mr. Road's basic living expenses now average about $1,500 per month, and he plans to spend $500 per month on travel and hobbies. To maintain this planned standard of living, he will have to rely on his investment portfolio. The interest from the portfolio is $16,200 per year (9% of $180,000), or $1,350 per month. Mr. Road will also receive $750 per month in Social Security payments…Marie Hardy’s will has the following provisions: "I leave the cash balance deposited in the First National Bank (up to a total of $50,700) to Jack Abrams. I leave $19,800 cash to Suzanne Benton. I leave 1,260 shares of Coca-Cola Company stock to Cindy Cheng. I leave my house to Dennis Davis. I leave all of my other assets and properties to Wilbur N. Ed." Assume that the estate has the following assets: $40,600 cash in the First National Bank, $17,700 cash in the New Hampshire Savings and Loan, 1,050 shares of Coca-Cola stock, 1,360 shares of Xerox stock, a house, and other property valued at $14,100. What distributions will be made from this estate? Assume that the estate has the following assets: $55,200 cash in the First National Bank, $5,300 cash in the New Hampshire Savings and Loan, 1,360 shares of Coca-Cola stock, 590 shares of Xerox stock, and other property valued at $29,000. What distributions will be made from this estate?
- Ted Riley owns a vehicle worth $38,000 and a home worth $340,000. He has a checking account balance of $700, a savings account balance of $2,100, and a mutual fund worth $84,000. His personal assets are worth $70,000. He still owes $19,000 on his car, $100,000 on his home, and $1,200 on his credit card. What is Ted's net worth? Multiple Choice $655,000 $534,800 $414,600 $120,200 None of the above is correct.Old Alfred Road, who is well-known to drivers on the Maine Turnpike, has reached his 70th birthday and is ready to retire. Mr. Road has no formal training in finance but has saved his money and invested carefully. Mr. Road owns his home-the mortgage is paid off-and does not want to move. He is a widower, and he wants to bequeath the house and any remaining assets to his daughter. He has accumulated savings of $180,000, conservatively invested. The investments are yielding 9% interest. Mr. Road also has $12,000 in a savings account at 5% interest. He wants to keep the savings account intact for unexpected expenses or emergencies. Mr. Road's basic living expenses now average about $1,500 per month, and he plans to spend $500 per month on travel and hobbies. To maintain this planned standard of living, he will have to rely on his investment portfolio. The interest from the portfolio is $16,200 per year (9% of $180,000), or $1,350 per month. Mr. Road will also receive $750 per month in…Alexa owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in connection with her condo: Mortgage interest Property taxes Insurance Repairs & maintenance Utilities Depreciation $ 7,925 2,760 2,950 1,875 4,400 16,875 During the year, Alexa rented out the condo for 100 days and received $23,800 in gross rental receipts. She did not use the condo at all for personal purposes during the year. Alexa's AGI from all sources other than the rental property is $120,000. Alexa has no sources of passive income. (Leave no answer blank. Enter zero if applicable.) What effect does the rental activity have on Alexa's AGI? Alexa makes all decisions with respect to the property. AGI