Question

The assets and liabilities of a lawyer are listed below. Car Value $19,280 Car Loan $20,821 Savings Account Balance $15,765 Season Baseball Tickets $10,340 Student Loans $25,876 Credit Card Balance $15,900 Checking Account Balance $5,782 Home Value $259,400 What is the lawyer's net worth? $247,970 $287,950 $300,227 $310,567

Answer 1

$247,970

Explanation:

To find the lawyer's net worth, we need to add up all the assets and subtract all the liabilities:

Assets:

Car Value = $19,280

Savings Account Balance = $15,765

Season Baseball Tickets = $10,340

Checking Account Balance = $5,782

Home Value = $259,400

Liabilities:

Car Loan = $20,821

Student Loans = $25,876

Credit Card Balance = $15,900

Net Worth = Assets - Liabilities

Net Worth = ($19,280 + $15,765 + $10,340 + $5,782 + $259,400) - ($20,821 + $25,876 + $15,900)

Net Worth = $310,567 - $62,597

Net Worth = $247,970

Therefore, the lawyer's net worth is $247,970.