The Smith familly had an income after income taxes a Spending in 2019 was food $7.000, clothing $4,000. insurance $3,000, and other expenses (including fina Their VISA card had a balance of $2,500. Their Maste the family's net worth on Jan. 1, 2019?
The Smith familly had an income after income taxes a Spending in 2019 was food $7.000, clothing $4,000. insurance $3,000, and other expenses (including fina Their VISA card had a balance of $2,500. Their Maste the family's net worth on Jan. 1, 2019?
Chapter12: Alternative Minimum Tax
Section: Chapter Questions
Problem 24CE
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F3
Transcribed Image Text:The Smith family had an income after income taxes and FICA withholdings of $60,000 in 2019 and expect to have the same income in 2020.
Spending in 2019 was food $7,000, clothing $4,000, auto leases $6000, other transportation $4,000, rent $9,000, entertainment $2.000,
insurance $3,000, and other expenses (including finance charges) $14,000. On Jan. 1, 2021, their checking account had a balance of $1,000.
Their VISA card had a balance of $2.500. Their MasterCard had a balance of $3,500. They had no savings accounts or investments. What is
the family's net worth on Jan. 1, 2019?
Format responses one of the formats below.
XXX or -XXX
XXX or-X,XXX
XXXXX or XX,XX
XXX,XXX or XXXXXX
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