Phil paid $75,000 for his house. It is insured for $65,000. The market value is $85,000. The outstanding mortgage balance is $68

Question

3 years ago

5

Phil paid $75,000 for his house. It is insured for $65,000. The market value is $85,000. The outstanding mortgage balance is $68

,000, and he has to pay annual real estate taxes of $2,000. When Phil lists his house on his balance sheet, he should record: Group of answer choices $75,000 $68,000 $65,000 $70,000 $85,000

Business

1 answer:

-BARSIC- [3] · Answer 1 · 2023-02-10T19:21:46+03:00

When Phil lists his house on his balance sheet, he should record D. $85,000.

<h3>What is the value of an asset on the personal balance sheet?</h3>

Since Phil is not a business entity, he should use the market value of the house to record it on the balance sheet.

The balance sheet shows the current financial position (assets and liabilities) at a point.

<h3>Data and Calculations:</h3>

House price = $75,000

Insurance = $65,000

Market value = $85,000

Outstanding mortgage balance = $68,000

Annual real estate taxes = $2,000

Thus, when Phil lists his house on his balance sheet, he should record D. $85,000.

Learn more about the personal balance sheet at brainly.com/question/7098917

#SPJ1