What is holly net worth at the end of the year

Assignment Help Accounting Basics
Reference no: EM133175231

Question - At the beginning of the year, Holly had a Net Worth of $80,000. As of January 2022, she set aside $1,300 per month from her paycheque for savings and borrowed $30,000 from her uncle that she must pay back in January 2023. She has a car worth $10,000 with a car loan of $3,000 at the end of the year. She is looking to buy a small condo valued at $130,000 but just can't find one in today's market (she knows she would have to get a mortgage of $100,000). What is Holly's Net Worth at the end of the year, December 2022?

a) $117,400

b) $67,400

c) $78,000

d) $217,400

e) $102,600

Reference no: EM133175231

Questions Cloud

Prepare bank reconciliation for acme corporation at march : The bank statement included service charges and debit and credit card processing fees of $100. Prepare bank reconciliation for ACME Corporation at March
Prepare the journal entries for corrections on the book : Prepare the journal entries in 2021 for corrections on the book where necessary, assuming that the 2021 book have not been closed
Identify two employees to negotiate : Identify at least two employees to negotiate - Documents relevant to each of the identified employees. This must include at least one of each
Time management training : Time Management Training- To provide skills and tools to assist with organization, productivity, and concentration towards work related goals
What is holly net worth at the end of the year : At the beginning of the year, Holly had a Net Worth of $80,000. What is Holly's Net Worth at the end of the year, December 2022
Access and review the organisational policies and procedures : Develop ER and IR strategies and policies - Access and review the organisational policies and procedures relevant to development of risk management strategies
What proportion of that expenditure is by government : What proportion of that expenditure is by the government (federal, state or local)? Find an image of the complexity of the healthcare system in the US.
Identify any organisational risk management strategies : Identify any organisational risk management strategies in relation to employee and industrial relations - identified strategies is implemented to resolve
Greek debt crisis for countries : For a long time, the International Monetary Fund (IMF) has had its supporters and detractors. In this discussion, the opportunity to consider some of the IMF's

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much is the fair value of the share

The income statement of Bulldogs Inc. in 2022 reflects a net Income of P2,050,000. How much is the fair value of the share

  Calculate depletion cost per unit

Novak Corp. purchased for $5,829,200 a mine that is estimated to have 44,840,000 tons of ore and no salvage value. Calculate depletion cost per unit

  Find what net book value would the machinery be carried

Find what net book value would the machinery be carried following the revaluation at the beginning of year 3 and accounting for the depreciation for year 3?

  What is the cost of the ending inventory

The year-end inventory showed $76,950 worth of merchandise available at retail prices. What is the cost of the ending inventory

  Compute how much the balance of the fund must equal on july

Compute how much the balance of the fund must equal on July 31, 2024, in order for Rich to satisfy his objective.

  What will be this company ending balance

A company has a $467,000 beginning balance in stockholders' equity. What will be this company's ending balance in stockholders' equity

  What are some reasonable expectations for research

Intangible assets may be a result of R&D efforts. How does research and development impact the value of an intangible assets. What are some reasonable.

  How much should the company be willing to pay

Fixed costs are applied to the products on the basis of direct labor hours. how much should the company be willing to pay for an additional hour

  Record all necessary journal entries in the general ledger

The city of Salem issued purchase orders totaling $600,000. Record all necessary journal entries in the general ledger

  Hidden lakes company purchased a delivery truck

Explain how each of these costs would be accounted - Hidden Lakes Company purchased a delivery truck. The total cash payment was $30,020, including the following items.

  Calculate the depreciation expense for the third year

Calculate depreciation expense for the third year after acquisition using double-declining-balance depreciation. Assume full year of depreciation in first year

  Determining the permanent or temporary differences

The loss will be tax deductible when paid in 2014. The enacted tax rate is 40% in 2013 and future years. There were no other permanent or temporary differences other than those listed above. Z Corp taxable income and enacted tax rates in its first..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd