Rosetta listed her assets and liabilities on a personal balance sheet. Rosetta’s Balance Sheet (April 2013)AssetsLiabilitiescash$900credit card$4,000investments$1,100student loan$2,000 house$150,000mortgage$100,000car$8,000car loan$5,000Total Total If Rosetta sells her house and pays off the mortgage, how much should she receive (assuming there are no other costs associated with selling the house)?
The house is worth $150,000, and Rosetta owes $100,000 on its mortgage. Subtracting the mortgage from the sale price gives $150,000 − $100,000 = $50,000. She should receive $50,000, which is choice B.
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