Question

The personal assets and liabilities of a carpenter are listed below.

What is the carpenter's net worth?
$139,450
$145,228
$281,313
$284,678

Answer 1

Answer: Choice A

$139,450

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Step-by-step explanation:

asset = an item that is either cash or can be turned into cash

liability = something that needs to be paid back (eg: truck loan)

A = total assets

A = (homeValue) + (workEquipment) + (carValue) + (investments)

A = ( $175,742 ) + ($3,365) + ($44,346) + ($61,225)

A = $284,678

B = total liabilities

B = (mortgage)+(credit card balance)+(truck loan)

B = ($76,765)+($2,055)+($66,408)

B = $145,228

C = net worth

C = A - B

C = ($284,678) - ($145,228)

C = $139,450 which points us to choice A as the final answer.