Financial Statements Quick Check
4 of 5 4 of 5 Items
Question
Use the table to answer the question.
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
$117,562
$117,562
$37,688
$37,688
$43,812
$43,812
$155,250
To calculate the net worth, we need to 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 = $155,250 - $117,562 = $37,688
Therefore, the net worth is $37,688.
can you make sure one more time
Apologies for the confusion in my previous response. Let's go through the calculation again.
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 = $155,250 - $117,562 = $37,688
Therefore, the correct net worth is indeed $37,688.