Question

Maxwell has $10,000 in the bank, a $250,000 home, and investments worth $8,000. He also has $8,000 worth of credit card debt and a $175,000 home loan. Maxwell wants to know his net worth. He adds all of his assets together and determines his net worth is $268,000. Evaluate Maxwell's determination.

Answer 1

Assets Liabilities
10,000 8,000
250,000 175,000
8,000
Total Total
268,000 183,000

Fundamental Accounting Equation
Assets - liabilities= Equity

268,000-183,000=
85,000 is net worth

Hope this helps :)
( I'm doing accounting too)

Answer 2

Answer:

c he forgot to deduct his liabilities

Explanation:

for plato