(a) Corey has a mountain bike worth $300, a credit card debt of $150, $200 in ca

Question

(a) Corey has a mountain bike worth $300, a credit card debt of $150, $200 in cash, a Sandy Koufax baseball card worth $400, $1,200 in a checking account, and an electric due for $250. Construct Coreys balance sheet and calculate his net worth. For each remaining part, explain how the event affects Coreys assets, liabilities and wealth. net worth = 300+400+200+1200 +150-250(dues)= $2000 (b) Corey goes to a baseball card convention and finds out that his baseball card is a worthless forgery. (c) Corey uses $150 from his paycheck to pay off his credit card balance. The remainder of his earnings is spent. (d) Corey writes a $150 check on his checking account to pay off his credit card balance. Of the events in the previous three parts, which, if any, corresponds to saving on Coreys part?

Explanation / Answer

a. Corey has a mountain bike worth $300, a credit card debt of $150, $200 in cash, a sandy Koufax baseball card worth $400, $1200 in a checking account, and an electric bill due for $250. Construct Corey’s balance sheet and calculate his net worth. For each remaining part, explain how the event affects Corey’s assets, liabilities and wealth. b. Corey goes to a baseball card convention and finds out that his baseball card is a worthless forgery. c. Corey uses $150 from his paycheck to pay off his credit card balance. The remainder of his earnings is spent. d. Corey writes a $150 check on his checking account to pay off his credit card balance. a. The gross domestic product b. National saving c. The value of the U.S. housing stock on January 1, 2005 d. The amount of U.S. currency in circulation this morning. e. The government budget deficit f. The quantity of outstanding government debt on January 1, 2005.

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