D. has $750 in cash, $2000 in savings account, $34,300 in stocks, $5,500 in bond
ID: 2638546 • Letter: D
Question
D. has $750 in cash, $2000 in savings account, $34,300 in stocks, $5,500 in bonds, and owns a car worth $15,500. She had $1,500 in credit card payments and an education loan of $24,000 of which $2,700 is due during the current year. She has a mortgage loan of $300,000 of which $7,000 due this year. She has an auto loan of $9,500 of which $3,700 is due in the next 12 months. She owns a home worth $350,000, furniture and fixtures of $1,500, appliances with a value of $1,000, a Condo worth $120,000 and stamp collection of $1,000. She also has mortgage on condo for $97,500 of which $3,200 is payable during the current year.
A) What is D. total current liabilities?
$18,100; $7,900; $15,400; or $14,400
B) What is D. total long term liabilities?
$432,500; $417,100; $431,000; or $414,400
C) What is D. total marketable investments?
$19,000; $18,000; $34,300; or $39,800
D) What is D. net worth?
$94,400; $99,050; $92,500; or $91,250
Explanation / Answer
Net worth is equal to difference of Total Assets - External Liabilities
In this case, the balancing figure would be Net worth.
Therefore your answers are as follows;
A) Current Liabilities = $18,100
B) Long term Liabilities = $414,400 (These are computed by Subtracting the amount payable this year from total loan)
C) marketable Investment = $39,800
D) Net worth = Current Assets + Investments + Fixed Assets - Current Liabilities - Long Term Liabilities
= $99,050
ASSETS AMOUNT LIABILITIES AMOUNT CURRENT ASSETS CURRENT LIABILITIES CASH 750 EDUCTION LOAN PAYABLE 2700 CASH IN SAVINGS 2000 MORTGAGE LOAN PAYABLE 7000 TOTAL CURRENT ASSETS 2750 AUTO LOAN PAYABLE 3700 INVESTMENTS CONDO LOAN PAYABLE 3200 STOCKS 34300 CREDIT CARD PAYMENTS 1500 BONDS 5500 TOTAL CURRENT LIABILITIES 18100 TOTAL INVESTMENTS 39800 LONG TERM LIABILITIES FIXED ASSETS EDUCATION LOAN 21300 HOME 350000 MORTGAGE LOAN 293000 FURNITURE 1500 AUTO LOAN 5800 APPLIANCES 1000 CONDO LOAN 94300 CONDO 120000 TOTAL LONG TERM LIABILITIES 414400 STAMP COLLECTION 1000 EQUITY OR NET WORTH 99050 CAR 15500 TOTAL FIXED ASSETS 489000 TOTAL ASSETS 531550 TOTAL LIABILITIES 531550Related Questions
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