Question

Megan Finder, a recent college graduate, is applying for her first credit card. The creditor has asked for a personal net worth statement. Megan owns a scooter worth $2,000.00 and has $800.00 in her checking account. She owes Jaycee Auto $920.00 and River College $125.00. Complete a net worth statement for Megan Finder. Select Current Date in the appropriate field. Assets should be listed in order of liquidity, so Cash should be listed first. Liabilities should be reported in alphabetic order.

Answer 1

Answer and Explanation:

The computation of the net worth statement is shown below:

Assets

Checking account $800

Scooter $2,000

Total assets $2,800 (A)

Liabilities

OWed to jaycee Auto $920

River college $125

Total liabilities $1,045 (B)

Net worth $1,755 (A - B)