Using the following information about the family’s assets and liabilities, calculate the total assets: Checking account: $3,000 Savings account: $13,000 Credit card balance: $5,500 Utility bill: $500 Home: $320,000 Mortgage (30 years): $210,000 Car: $25,000 Car loan (60 months): $18,000 Student loan (7 years): $25,000 Household items: $15,000 Retirement account: $64,000 Other assets: $39,000 A) 464,000 B) 400,000 C) 415,000 D) 479,000

Q: Michael Perez deposited a total of $3000 with two savings institutions. Bank A pays interest at the…

A: Total amount deposited = $3,000Bank ALet Amount deposited in Bank A be P.Annual interest rate = 6%…

Q: how much money was invested in the CD​ account?

A: Solution:- Lets assume that the amount of money invested in CD account is x which makes the amount…

Q: Jennifer Pontesso, from Lincoln, Nebraska, wants to better understand her financial situation. Use…

A: Net worth refers to the difference between the total assets and the total debt of the company. Total…

Q: ennifer Pontesso, from Lincoln, Nebraska, wants to better understand her financial situation. Use…

A: Net worth: Deduction of Total debts from the total assets called net worth. Net worth = Total assets…

Q: Family's Assets and Liabilities Checking account Savings account Credit Card account Utility Bill…

A: Monetary assets are assets held by a company or an individual that are either in the form of cash or…

Q: Jean deposited P2,000, P2,500 and P3,000 at the end of the 2nd year, 3rd year and 4th year,…

A: Gradient is constant growth in amount of annuities and series is growing arthimetically. Future…

Q: essica no one deposited an inheritance of 13,500 in a bank and earned 450.00 in Simple bankers…

A: In the case of loan, interest is the sum charged by the lender on the borrowed money at a specified…

Q: Hadiya Benzema is reviewing her assets and liabilities. What is her net worth? Assets: Cash in…

A: Net worth is defined as the amount that is arrived at by subtracting the value of total liabilities…

Q: Seth starts an IRA (Individual Retirement Account) at the age of 3232 to save for retirement. He…

A: Total Deposits= Monthly deposits * Number of depositsTotal Interest= Future Value - Total Deposits

Q: A grandmother left a will to her grandson an amount of P25,000 and was deposited in a bank with a…

A: We are given- Rate=8% Present value=25000 Future value=45000 We have to calculate time period We can…

Q: Lambda owns a checking account with a balance of $5,000, a savings account with a balance of $3,000,…

A: Financial Asset refers to the most liquid asset related to cash and cash equivalents. Financial…

Q: A year ago your Aunt Sheri deposited $ 1 comma 000 in a bank account. One year later, there was $ 1…

A: To find the Annual Percentage Rate (APR) compounded monthly, we can use the formula for compound…

Q: Anna has the following income for the quarter:

A: Assuming Anna is resident citizen of Phillipines :-             As per…

Q: Using the information below determine Layla's Net Worth: Savings Account: $5,000, Checking Account:…

A: Net worth = Total Assets - Total liabilities

Q: Choose all that are appropriate 1. 2. 3. A firm whose ROE is 5% and cost of capital is 10% is…

A: Net present value (NPV) is the value of all the cash flow of the investment (positive and negative)…

Q: Assume that Louisa carried an average balance of $1,000 from her credit card purchases over the past…

A: Interest charges are the amount of cost and charges paid for the amount borrowed either for personal…

Q: When your father was born 47 years ago, his grandparents deposited $175 in an account for him.…

A: Amount deposited $175. Term is 47 years Value of account today $1,900

Q: Using the information below, determine Brian's Net Worth. Savings Account: $5,400, Checking Account:…

A: Net worth = Total assets - Total liabilities

Q: On the day your daughter is born, you deposit $1,000 in a college savings account that earns 8%…

A: Ordinary annuity accepts regular annuity payments at the end of each period which can be annually,…

Q: Sandy just received her annual bank statement. Exactly one year ago, she deposited $10,000 in a…

A: Future value is that amount which is received by the investor after a fixed period of time. If we…

Q: During 2020, Alissa had the following transactions: Salary $80,000 Interest income on savings…

A: Inheritance from aunt : $ 30000 It is not included while calculating adjusted gross Income…

Q: A mother wants to invests 9,000.00 for her sons future education she invests a portion of the money…

A: Solution:- Interest is the return amount on money invested.

Q: Kia deposited $1,300, at the BEGINNING of each year for 26 years in a credit union account. If the…

A: Annuity = a = $1300 Time = t = 26 years Interest rate = r = 8%

Q: Leona purchased a home and obtained a 25 year loan of 437,750$ at an annual interest rate of 6.5%.…

A: given, n = 25years r= 6.5% m = 12 p = 437,750

Q: You discover a savings account belonging to your great-grandmother. It has been earning 1¾% annually…

A: Final value or value at the end of 50 years = $35712 Rate of return = 1 3/4% = 1.75% or 0.0175…

Q: Stella deposits $54,000 in a savings account at a bank that offers interest of 5.3% on such…

A: The objective of the question is to calculate the future value of Stella's savings account after…

Q: Bella deposits $6400 in a savings account at a bank that offers interest of 1.8% on such accounts.…

A: Interest =r=1.8%, Maturity of Deposit = n= 2 years And we know that FV Future Value= P(1+r)^n

Q: Nick borrowed $6000 for 24 months from his bank using an 11 and a 1/2 percent discount note.  A.…

A: Borrowing money has a cost—interest payments. These installments are made by the borrower in…

Q: Kia deposited $1,100, at the BEGINNING of each year for 25 years in a credit union account. If the…

A: Annuity means finite no. of payments which are same in size and made in equal intervals for the…

Q: Diana Rene’s deposited an inheritance of 13,050 in a bank account and earned 435 in Simple bankers…

A: Interest is the amount of money that an individual receives on a deposit at a specific rate for a…

Q: Rita borrowed $4000 from a bank for 5 years and was charged simple interest. The total interest that…

A: Loan amount = $ 4,000 Period = 5 Years Interest amount = $ 1,600

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.