Question

Skye listed her assets and liabilities on a personal balance sheet. skye's balance sheet (april 2013) assets liabilities cash $1,000 credit card $4,000 investments $1,000 student loan $1,000 house $200,000 mortgage $100,000 car $8,000 car loan $5,000 total ??? total ??? net worth: ??? what is skye's net worth?

Answer 1

AAAAAAAAAAAAAAAAAA $100,000

Answer 2

Answer: Skye’s net worth is $100,000.

Explanation: A person’s net worth is calculated by subtracting their liabilities from their assets.

Skye has the following assets: Cash - $1,000 + Investments - $1,000 + Car - $8,000 + House - $200,000 = $210,000 Total Assets.

Skye has the following liabilities: Credit Card - $4,000 + Student Loan - $1,000 + Mortgage - $100,000 + Car Loan - $5,000 = $110,000 Total Liabilities

Net Worth = Total Assets - Total Liabilities

Net Worth = $210,000 - 110,000

Net Worth - $100,000