Question

Phillip created the net worth statement shown. net worth statement assets value house (current value) $85,000 checking account $2,500 automobile s18,500 investments $7,000 total assets s113,000 liabilities mortgage $62,000 credit card debt $9,500 total liabilities $71,500 based on the information in the statement, what is phillip's net worth?

a) $113,000
b) $114,500
c) $113,500
d) $112,500

Answer 1

Upon calculating, Phillip's net worth is found to be $41,500, calculated by subtracting his total liabilities from his total assets. The options provided in the question do not reflect this calculation, indicating a possible error in the provided choices.

Step-by-step explanation:

To determine Phillip's net worth, we must subtract his total liabilities from his total assets. According to the information provided, Phillip's net worth can be calculated as follows:

Total assets = value of house + checking account + automobile + investments

Total assets = $85,000 + $2,500 + $18,500 + $7,000 = $113,000

Total liabilities = mortgage + credit card debt

Total liabilities = $62,000 + $9,500 = $71,500

Net worth = Total assets – Total liabilities

Net worth = $113,000 – $71,500 = $41,500

Therefore, Phillip's net worth is $41,500, which is not one of the options provided in the question. The correct answer choice does not seem to be listed.