Question

Based on the following data, determine the amount of total assets, total liabilities, and net worth. Liquid assets$3,870Investment assets$8,340Current liabilities$2,670Household assets$87,890Long-term liabilities$76,230

Answer 1

Answer:

Total Assets = $100,100

Total Liabilities = $78,900

Net Worth = $21,200

Explanation:

Use the Accounting Equation : Equity = Assets - Liabilities to determine the Equity or Net Worth of the Company.

Here is what the Balance Sheet would look like:

Non Current Assets

Investment assets                         $8,340

Household assets                       $87,890

Current Assets

Liquid assets                                 $3,870

Total Assets                                $100,100

Equity and Liabilities

Equity

Equity (Balancing figure)             $21,200

Total Equity                                  $21,200

Non Current Liabilities

Long-term liabilities                    $76,230

Current Liabilities

Current liabilities                          $2,670

Total Liabilities                           $78,900