The net worth, based on the net worth statement of total assets and total liabilities, is <u>B) $2,000</u>.
<h3>What is the net worth?</h3>The net worth of an individual is the difference between the assets owned and the liabilities that the person owes.
<h3>Data and Calculations:</h3><h3>Assets:</h3>Cash $200
Checking accounts $1,000
Savings account $400
Cars $8,000
Furniture and appliances $1,500
Computers $900
Stereo/Cell phones $400
Clothing $300
Total assets = $12,700
<h3>Liabilities:</h3>Credit card balances $1,200
Charge accounts balances of $200
Student loans $7,000
Car Loans $2,300
Total liabilities = $10,700
Net worth = $2,000 ($12,700 - $10,700)
<h3>Answer Options:</h3>A) $200
B) $2,000
C) $10,700
D) $12,700
Thus, the net worth, based on the net worth statement of total assets and total liabilities, is <u>B) $2,000</u>.
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