Question

Vijay owns a house worth $250,000 with a mortgage of $150,000. He has $3,000 in stock investments and $1,700 in a checking account. He owns a piano worth $1,800. He also owns a car worth $18,000 and owes $6,000 in car loans. Vijay wants to create a net worth statement. What are Vijay’s total assets, liabilities, and net worth? :v ​

Answer 1

Total assets $274,500

Total liabilities $156,000

Net worth $118,500

Explanation:

Vijay's assets consist of a house, stock investment , balance in checking account , a piano as well as car owned

Total assets=$250,000+$3,000+$1,700+$1,800+$18,000=$ 274,500.00

Vijay's liabilities are obligations owed to others, which include mortgage loan and car loan

total liabilities=$150,000+$6,000=$156,000

net worth=total assets-total liabilities=$274,500-$156,000=$118,500.00