Question

Evaluate the scenario and determine the family's net worth. Assets: Liabilities: Home =$136,050 Mortgage =$127,800 Automobiles =$36,000 Automobile Loan =$32,450 ATV=$17,500 Other Debt =$39,850 Cash on hand =$4,000

Answer 1

To determine the family's net worth, subtract the total liabilities from the total assets. The family's net worth is $4,450.

Step-by-step explanation:

To determine the family's net worth, we need to subtract the total liabilities from the total assets. The assets include the value of the home, automobiles, ATV, and cash on hand, while the liabilities include the mortgage, automobile loan, and other debt.

Assets:

Home = $136,050

Automobiles = $36,000

ATV = $17,500

Cash on hand = $4,000

Liabilities:

Mortgage = $127,800

Automobile Loan = $32,450

Other Debt = $39,850

To calculate the net worth, we subtract the total liabilities from the total assets:

$136,050 + $36,000 + $17,500 + $4,000 - $127,800 - $32,450 - $39,850 = $4,450

Therefore, the family's net worth is $4,450.

Answer 2

The family's net worth is $26,200.

Step-by-step explanation:

To determine the family's net worth, we need to calculate the total value of their assets and subtract the total value of their liabilities. The assets include the value of their home, automobiles, ATV, and cash on hand, while the liabilities include the mortgage, automobile loan, and other debt.

Assets:
Home = $136,050
Automobiles = $36,000
ATV = $17,500
Cash on hand = $4,000

Liabilities:
Mortgage = $127,800
Automobile Loan = $32,450
Other Debt = $39,850

To calculate the net worth, we add the values of the assets and subtract the values of the liabilities: Net Worth = (Home + Automobiles + ATV + Cash on hand) - (Mortgage + Automobile Loan + Other Debt)

Net Worth = ($136,050 + $36,000 + $17,500 + $4,000) - ($127,800 + $32,450 + $39,850) = $26,200

The family's net worth is $26,200.