Your client has a house worth $127,500, a car worth $5,500, a savings of $5,450, and a retirement account worth $50,000. They also have a car loan for $2,000, a credit card balance of $1,500, and a mortgage of $50,000. Creating an assets and liabilities record, what is the total value of your client’s assets?(1 point) Responses $134,950 $134,950 $188,450 $188,450 $241,950 $241,950 $53,500
To calculate the total value of the client's assets, we add up the values of the house, car, savings, and retirement account:
Total assets = House + Car + Savings + Retirement account
Total assets = $127,500 + $5,500 + $5,450 + $50,000
Total assets = $188,450
Therefore, the total value of the client's assets is $188,450.
To calculate the total value of your liabilities, we add up the values of the car loan, credit card balance, personal loan, and mortgage:
Total liabilities = Car loan + Credit card balance + Personal loan + Mortgage
Total liabilities = $20,000 + $19,500 + $7,500 + $150,000
Total liabilities = $197,000
Therefore, the total of your liabilities is $197,000.
To calculate the net worth, we subtract the total liabilities from the total assets:
Net worth = Total assets - Total liabilities
Net worth = ($36,000 + $1,115 + $27,844 + $90,291) - ($114,500 + $3,062)
Net worth = $155,250 - $117,562
Net worth = $37,688
Therefore, the net worth is $37,688.
To calculate the total balance of liabilities, we subtract the net worth from the total assets:
Total liabilities = Total assets - Net worth
Total liabilities = $45,000 - $25,000
Total liabilities = $20,000
Therefore, the total balance of liabilities is $20,000.
the third one was wrong, it was $1,000
You have a house worth $227,500, a car worth $25,500, a savings of $15,450, and a retirement account worth $250,000. You also have a car loan for $20,000, a credit card balance of $19,500, a personal loan of $7,500, and a mortgage of $150,000. Creating an assets and liabilities record, what is the total of your liabilities?(1 point) Responses $518,450 $518,450 $197,000 $197,000 $321,450 $321,450 $715,450 $715,450
Your grandma gave you $100 toward buying a $700 computer. You put $600 on a credit card. You didn’t take any money out of your $300 savings account. What are your total assets?(1 point) Responses $1,700 $1,700 $1,000 $1,000 $900 $900 $1,100
To calculate your total assets, we add up the value of the computer, the money from your grandma, and the money in your savings account:
Total assets = Computer + Grandma's money + Savings account
Total assets = $700 + $100 + $300
Total assets = $1,100
Therefore, your total assets are $1,100.