Assets Value
Car $36,000
Computer $1,115
Savings account $27,844
Retirement savings $90,291
Total Assets
Liabilities Balance Owed
Mortgage $114,500
Credit card balance $3,062
Total Liabilities
Net Worth
Constructing the table, what is the net worth?
(1 point)
Responses
$155,250
$155,250
$117,562
$117,562
$37,688
$37,688
$43,812
To calculate the net worth, we subtract the total liabilities from the total assets.
Total Assets = $36,000 + $1,115 + $27,844 + $90,291 = $155,250
Total Liabilities = $114,500 + $3,062 = $117,562
Net Worth = Total Assets - Total Liabilities
Net Worth = $155,250 - $117,562 = $37,688
Therefore, the net worth is $37,688.
Given $45,000 worth of total assets and a net worth of $25,000, what is the total balance of liabilities?(1 point)
Responses
$20,000
$20,000
$70,000
$70,000
$15,000
$15,000
−$20,000
To find the total balance of liabilities, we subtract the net worth from the total assets.
Total Assets = $45,000
Net Worth = $25,000
Total Liabilities = Total Assets - Net Worth
Total Liabilities = $45,000 - $25,000 = $20,000
Therefore, the total balance of liabilities is $20,000.