Question

Prepare a net worth statement for Ben Lingo based on this information: He owns a car worth $2,000, but owes $1,500 on it at the bank. Ben has $150 in his savings and $82 in his checking account. His personal property inventory totals $1,200, and he also owes $80 to his credit union.

Answer 1

Answer:

Ben Lingo's Net Worth Statement:

Assets:

Cash $82

Savings $150

Car $2,000

Inventory $1,200

Total Assets = $3,432

Liabilities:

Car loan $1,500

Credit Union loan $80

Total Liabilities = $1,580

Net Worth = Total Assets - Total Liabilities

                 = $3,432 - $1,580

                 = $1,852