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Question
Complete the net worth statement by determining the total assets and total liabilities. What is the net worth?
Responses
A$200
$200
B$2,000
$2,000
C$10,700
$10,700
D$12,700
To determine the net worth, we need to calculate the total assets and total liabilities.
Total assets:
- Cash: $5,000
- Investments: $1,500
- Personal property: $3,200
- Real estate: $2,000
Total assets = $5,000 + $1,500 + $3,200 + $2,000 = $11,700
Total liabilities:
- Credit card debt: $500
Total liabilities = $500
Net worth = Total assets - Total liabilities = $11,700 - $500 = $11,200
Therefore, the net worth is $11,200.