Question

Based on the following data, determine the amount of total assets, total liabilities, and net worth. Liquid assets $ 4,770 Investment assets $ 9,240 Current liabilities $ 2,570Household assets $ 96,890Long-term liabilities $ 85,230

Answer 1

The amount of total assets, total liabilities, and net worth is $110,900, $87,800 and $23,100 respectively

Step-by-step explanation:

The computation is shown below:

Total assets = Liquid assets + Investment assets + Household assets

= $4,770 + $9,240 + $96,890

= $110,900

Total liabilities = Current liabilities + Long-term liabilities

= $2,570 + $85,230

= $87,800

And, the net worth would be

= Total assets - Total liabilities

= $110,900 - $87,800

= $23,100