Understanding Net Worth Answers

Amala listed her assets and liabilities. Credit Card BalanceCar(Paid in full)JewelryStudent LoanSavings AccountStocks$850$2,200$125$2,500$1,200$1,500What is the total of Amala’s liabilities?

Paige’s income statement for the month of December is shown. What is Paige’s net income for December?

Carrie is creating a personal balance sheet. The heading includes the period of time that the balance sheet represents. Which could be the heading of Carrie’s balance sheet?

Anna is creating a personal balance sheet. She plans to list these items.Bank AccountJewelryHealth InsuranceRentWhich statements about the balance sheet are correct? Select three choices.

Enzo’s balance sheet for the month of July is shown. Enzo’s Balance Sheet (July 2013)AssetsLiabilitiescash$600credit card$4,000investments$500student loan$2,500house$120,000mortgage$80,000car$6,000car loan$2,000Total$127,100Total$88,500Which expression finds Enzo’s net worth?

Roberto listed his assets and liabilities on a personal balance sheet. Roberto’s Balance Sheet (September 2013)AssetsLiabilitiescash$1,800credit card$4,000investments$6,200personal loan$1,000house$150,000mortgage$100,000car$8,000car loan$5,000Total Total After creating the balance sheet, Roberto decided to use his investments to pay off his car loan. How will that decision affect the difference between his assets and liabilities?

Julio has a house worth $220,000. He has a $175,000 mortgage. Julio says that in this situation, his asset equity is really only $45,000. Which statement explains whether Julio is correct?

Brenda created this personal balance sheet. Brenda’s Balance Sheet AssetsLiabilitiesjewelry food wages health insurance commission rent bank account tips Total Total Brenda says her assets are definitely greater than her liabilities. Which explains whether Brenda is correct?

Mr. Morgan earns $38,000 a year as a salesperson and a 5% commission on all his sales. He has a mortgage of $910 a month and pays $175 a month for utilities. Mr. Morgan owns a rental property for which he receives $680 per month.Which is a liability?

Colin listed his assets and liabilities on a personal balance sheet. Colin’s Balance Sheet (August 2013)AssetsLiabilitiescash$1,500credit card$500stocks$800rent$800car$5,000car loan$1,200coin collection$1,200student loan$5,000Total Total Which statement is true about the total assets and the total liabilities?