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Personal details, income and savings:
Name
Age
Gross annual salary
James Pretzel
34
$101,500
Jane Pretzel
33
$40,000
The Pretzel's have a 1 year old daughter.
Additional Information
Annual Budget Sheet -
$
Rent (490 per week)
25,500
Electricity/Water/Gas
1,140
Telephone/Mobile
1,800
Pay television/Internet
1,100
Insurance - home/contents
1,200
Day care expenses (2 days a week at $60 each day)
6,240
Insurance - cars
3,075
Health Insurance (After income tax deduction)
3,235
Credit cards repayment ($500 a month for 12 months).
6,000
Car loans repayment ($8000 a year for 5 year term)
8,000
Petrol/maintenance
6,500
Car registration
720
Public transport
2,800
Other expenses
Food
13,500
Clothing/Haircuts/Beauty
4,500
Medical/Dental
2,500
Entertainment/Dinners
12,000
Prof. Memberships (James).
1,000
Gifts - Birthdays/Christmas
5,000
Total
105,810
Current Assets and Liabilities -
Assets (Ownership)
Current valuation
Liability (Ownership)
Home Contents (Joint)
$20,000
Credit cards (Joint) Includes the annual interest cost
$6,000
Cars
$55,000
Cars loan 5 year team at 12%
$30,000
Current accounts (Joint)
$5,000
Managed Fund - Vanguard Cash fund (James 4% return p.a.)
$15,000
Superannuation
-James
-Jane
$12,000
$10,000
A. Calculate Jane and James annual after-tax income. Explain one way in which Jane and James could reduce their tax liability and show the effect this strategy would have.
B. Calculate the solvency ratio, liquidity ratio and savings ratio using the Preztel's financial information. Explain in everyday terms what these ratios mean, highlight any concerns you have and suggest one improvement the Preztel's could make.
C. Calculate the amount of combined savings the Preztel's can accumulate 5 years from now for the deposit on a house. Explain a strategy that the Preztel's could take to increase their savings.
Need help with my assignment, please help. Involves accounting and taxation. Thanks. Calculate the solvency ratio, liquidity ratio and savings ratio using the Preztel's financial information. Explain in everyday terms what these ratios mean, highlight any concerns you have and suggest one improvement the Preztel's could make.
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