Question

If Toni is trying to calculate her net worth, which of the following items would go on the liabilities list? *

A. Original sale price of her car
B.Her Mortgage
C.Savings account balance
D. Value of her 401(k) plan​

Answer 1

The item from the options provided that should go on the liabilities list for net worth calculation is B.Her Mortgage, as it represents a debt that Toni owes.

Step-by-step explanation:

When Toni is calculating her net worth, she needs to identify her assets and liabilities. The item that would go on the liabilities list from the options provided is B.Her Mortgage. Liabilities are debts or obligations that an individual owes, and a mortgage is a loan taken to purchase property, which is a debt until it is paid off. The other options such as the original sale price of her car, savings account balance, and the value of her 401(k) plan are considered assets, not liabilities. These assets would be listed on the other side of the T-account, which is used to track the assets and liabilities to calculate net worth.

Answer 2

B.Her Mortgage

Step-by-step explanation:

The net worth is the value that left after deducting the liabilities from the assets

Here as per the given options, the original sale price of the car, saving account balance and the value of her 401(k) plan is an asset

While the liabilities is the mortgage that took by her as she has to repay the amount taken by the financial insititution. It is her responsibility to pay back all the dues to the bank

Therefore the option B is correct