Homework: Chapter 2 Planning with Personal Financial Stateme Save Score: 0 of 5

Question

Homework: Chapter 2 Planning with Personal Financial Stateme Save Score: 0 of 5 pts Planning #10 (similar to): Liability Lev Liability Levels. Ryan and Nicole have $232,505 in assets, and the following fabilities: (Click on the icon located on the top-right comer of the data table below in order to copy its contents into a spreadsheet) 7 of 7 (4 completa) Hw Score: 57.14%, 20 of 35 pt Question Help Mortgage Car loan Credit card balance Student loans Furniture note (8 months) $57,907 2,771 963 18,817 1,584 What are their current liabilitios? What are their long-berm iabilities? What is their net worth? The lotal of the current Sabilities is (Round to the nearest dollar:) | 1.1 | J | :/ì | s. Itu) | More Enter your answer in the answer box and then click Check Answer Cear Al 4 80 988

Explanation / Answer

Current liablilties are debts that he will pay within one year or near future:

Current liability = Credit card balances + Short-term notes (Furniture Note)

Current liability = 963 + 1,584

Current liability = 2,547

Part 2:

Long-term liabilities are debts that will be paid over a period beyond one year and can include: Mortgages = 57,907

Car loans = 2,771,

Student loans = 18,817

Total long term liability = 79,495

Net Worth = 232,505 - 2,547 - 79,495

Net Worth = 150,463

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