Question

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

Home Value $175,742 Mortgage $76,765 Credit Card Balance $2,055 Owned Work Equipment $3,365 Car Value $44,346 Investments $61,225 Truck Loan $66,408
What is the carpenter's net worth?

Answer 1

$139450

Explanation:

Total Assets:

Home Value: $175742

Owned Work Equipment: $3365

Car Value: $44346

Investments: $61225

Total Liabilities:

Mortgage: $76765

Credit Card Balance: $2055

Truck Loan: $66408

Now, add up the total assets and total liabilities:

Total Assets = 175742 + 3365 + 44346 + 61225 = 284678

Total Liabilities = 76765 + 2055 + 66408 = 145228

Now, subtract the total liabilities from the total assets to find the carpenter's net worth:

Net Worth = Total Assets - Total Liabilities

Net Worth = 284678 -145228 = $139450

So, the carpenter's net worth is $139450.