For Howard and Joyce,the Changes in Net Worth for the Year

question 17

Essay

For Howard and Joyce,the changes in net worth for the year ended December 31,2012,are detailed as follows. $\begin{array}{llcc} \text { Realized increases in net worth: } & \\ \text { Salary } &\$50,000\\ \text { Interest income} &500\\ \text { Dividend income } &400\\\\ \text {Realized decreases in net worth: } &\\ \text { Income taxes } &12,000\\ \text { Interest expenses } & 4,000 \\ \text { Personal expenditures } &25,000\\\\ \text {Unrealized increases in net worth: } &\\ \text { Marketable securities } &5,000\\ \text {Residence } &2,000\\\\ \text { Unrealized decreases in net worth: } &\\ \text { Furnishings} & 4,000 \\ \text { Boat} &2,000\\ \text { Estimated income taxes on the differences between the estimated } &\\ \text { current values of assets and the estimated current amounts of} &\\ \text { liabilities and their tax bases } &7,000\\ \text {Net worth at the beginning of year } &60,000\\\end{array}$

Required:
Prepare a statement of changes in net worth for the year ended December 31,2010.

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Definitions:

Negative Information

Details or facts that may be perceived as unfavorable or disappointing.

Unhappy Customers

Individuals who are dissatisfied with a product or service provided by a business, leading to potential complaints or loss of business.

Larger Audience

Refers to reaching a broader group of people or a wider demographic through a particular medium or message.

Persuasive Messages

Communications designed to influence the attitudes or behaviors of others through logical or emotional appeals.