Question

Anthony Clement is applying for a car loan. The lending institution requires a personal net worth statement. Anthony currently has $1,085.00 in cash, and his camera is worth $635.00. He also owes Vista Travel $305.00 and Kelley Electronics $83.00. Complete a net worth statement for Anthony Clement. Select Current Date in the appropriate field. Assets should be listed in order of liquidity, so Cash should be listed first. Liabilities should be reported in alphabetic order.

Answer 1

Answer:

Net worth statement of Anthony

Assets

Current ${}$                          ${}$                           $1,085.00

Property, Camera (present value)    ${}$          $635.00

Total Assets        ${}$                                        $1,720.00  

Liabilities

Money owed others (Vista Travel)  ${}$            $305.00

Money owed others (Kelly Electronics)  ${}$       $83.00

Total Liabilities          ${}$                                    $388.00

Net Worth                      ${}$                               $1,332.00

Explanation:

A net worth statement also known as a balance sheet statement is way to present the standing of a business at a particular time. It is a record of the assets and the values of the assets as well as the business liabilities and other outstanding financial obligations the business is to settle.