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71. The net worth of Mr. Loan, whose financial condition is related below, can b

ID: 344190 • Letter: 7

Question

71. The net worth of Mr. Loan, whose financial condition is related below, can be determin Owns $290,000 home Has $12,000 in the bank Has an annual salary of $65,000.00 Owes $39,000 loarn Balance on car note is $9,500 Owns a lot value at $120,000 Loaned his niece $21,500.00 Balance on home mortgage is $37,329 The above statement shows that Mr. Cash has assets in the amount of: a. $508,500 b. $422,671 c. $85,829 d. $86,500 ii. Mr. Cash has liabilities in the amount of: a. $86,500 b. $85,829 c. 72,500 d. $422,671 Mr. Cash's net worth is: a. $86,500 b. $85,829 ili. c. $252,500 d. not listed iv. An annual salary of $65,000 is considered: a. an asset b. a liability c. the net worth d. none of the above One's net worth equals to a. liabilities, assets b. assets, liabilities less c. debts, profits v. d. profits, debts

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