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alculate the Total Liquid Assets

Money market account $ 3660      Medical Bills $ 860
Mortgage $ 392500      Checking account $ 1060
Retirement account $ 287840      Credit card balance $ 920

(Round your answer to the nearest whole number. Do not include the comma, period, and “$” sign in your response.)

 

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Question 3 (1 point)

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Calculate the Total Current Liabilities

Money market account $ 3520      Medical Bills $ 2320
Mortgage $ 93040      Checking account $ 560
Retirement account $ 168460      Credit card balance $ 200

(Round your answer to the nearest whole number. Do not include the comma, period, and “$” sign in your response.)

 

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Question 4 (0.25 points)

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Based on this financial data, calculate the debt ratio.

Liabilities $ 8350      Net Worth $ 64900
Liquid Assets $ 4690      Current Liabilities $ 1920
Monthly Credit Payments $ 1540      Take-home Pay $ 2890
Monthly Savings $ 280      Gross Income $ 3330

Make sure to include zeros and round your answer to 2 decimal places. i.e. 3.55, 1.89, 0.25, 0.09, etc.  Do not include a comma or”$” sign in your response.

 

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Question 5 (0.25 points)

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Based on this financial data, calculate the Current Ratio.

Liabilities $ 7830      Net Worth $ 64600
Liquid Assets $ 4690      Current Liabilities $ 1360
Monthly Credit Payments $ 1100      Take-home Pay $ 2970
Monthly Savings $ 640      Gross Income $ 3450

Make sure to include zeros and round your answer to 2 decimal places. i.e. 3.55, 1.89, 0.25, 0.09, etc.

Do not include a comma or”$” sign in your response.

 

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Question 6 (0.25 points)

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Based on this financial data, calculate the Debt-Payments Ratio.

Liabilities $ 8490      Net Worth $ 63000
Liquid Assets $ 5070      Current Liabilities $ 2260
Monthly Credit Payments $ 540      Take-home Pay $ 2910
Monthly Savings $ 180      Gross Income $ 3290

Make sure to include zeros and round your answer to 2 decimal places. i.e. 3.55, 1.89, 1.02, 0.09, etc.

Do not include a comma or”$” sign in your response.

 

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Question 7 (0.25 points)

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Based on this financial data, calculate the Savings Ratio.

Liabilities $ 8890      Net Worth $ 70000
Liquid Assets $ 5210      Current Liabilities $ 2140
Monthly Credit Payments $ 700      Take-home Pay $ 3090
Monthly Savings $ 580      Gross Income $ 4370

Make sure to include zeros and round your answer to 2 decimal places. i.e. 3.55, 1.89, 1.02, 0.09, etc.

Do not include a comma or”$” sign in your response.

 

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Chapter 3 LO 3.2

 

Question 8 (2 points)

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Based on the following data, would Ann and Carl Wilton receive a refund or owe additional taxes? How much?

  Adjusted gross income $ 46,750   Itemized deductions $ 17,820  
  Child care tax credit $ 550   Federal income tax withheld $ 3,400  
  Amount for personal exemptions $ 8,480   AVERAGE Tax Rate   15 percent

 Enter “tax refund” or “payment due”

 

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Question 9 (1 point)

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Elaine Romberg prepares her own income tax return each year. A tax preparer would charge her $80 for this service. Over a period of 10 years, how much does Elaine gain from preparing her own tax return? Assume she can earn 4percent on her savings.

Use the appropriate Time Value of Money table [Exhibit 1-A,  Exhibit 1-B,  Exhibit 1-C, OR Exhibit 1-D]

(Round your answer to the nearest whole number. Do not include the comma, period, and “$” sign in your response.)

 

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Question 10 (1 point)

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On December 30, you decide to make a $2600 charitable donation. If you are in the 30 percent tax bracket, how much will you save in taxes for the current year? 

(Round your answer to the nearest whole number. Do not include the comma, period, and “$” sign in your response.)

 

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Question 11 (1 point)

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On December 28 each year, you are planning to make a charitable donation of $3980 and are in the 15 percent tax bracket. You are planning to deposit the tax savings in a savings account for the next 7 years at 3 percent, what will be the future value of that savings account?

Use the appropriate Time Value of Money table [Exhibit 1-A,  Exhibit 1-B,  Exhibit 1-C, OR Exhibit 1-D]

(Round your answer to the nearest whole number. Do not include the comma, period, and “$” sign in your response.)

 

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