Question

Joaquin has $1,300 in the bank and has investments worth $4,000. He also has $7,000 worth of credit card debt. What is the total value of Joaquin's assets

Answer 1

Assets = Liabilities + Owner's Equity
$12,300 = $7,000  + 5300
 
Assets
                  Cash in bank                                   1,300
                  Account Receivable/investment      4000
                  Account Payable/credit card debt    7000
Total Assets                                                                         12,300