Question

Based on the following data, compute the total assets, total liabilities, and net worth.

Balance Sheet
Liquid assets $5,370 Household assets $101,400
Investment assets 22,600 Long-term liabilities 83,200
Current liabilities 3,070

Answer 1

Total Asset = Liquid Assets + Investment Assets + Household Assets

Total Asset = $5,370 + $22,600 + $101,400

Total Asset = $129,370

Total Liability = Current liability + Long term Liability

Total Liability = $3,070 + $83,200

Total Liability = $86,270

Net worth = Total Assets - Total Liability

Net worth = $129,370 - $86,270

Net worth = $43,100