Question

Complete the net worth statement by determining the total assets and total liabilities. What is the net worth?

Answer 1

The net worth, based on the net worth statement of total assets and total liabilities, is B) $2,000.

What is the net worth?

The net worth of an individual is the difference between the assets owned and the liabilities that the person owes.

Data and Calculations:

Assets:

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

Liabilities:

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)

Answer Options:

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 B) $2,000.

Learn more about the net worth of an individual at brainly.com/question/12371230