Ask Question
BusinessBusiness
28 December, 21:33

Julio has a house worth $220,000. He has a $175,000 mortgage. Julio says that in this situation, his asset is really only $45,000. Which statement explains whether Julio is correct?

+2
Answers (1)
  1. 28 December, 21:53
    0
    Julio is right because the $45,000 equity in the house is the real asset.

    Explanation:

    The asset is a resource own by a person or organization that has an economic value. When you are determining the value of your asset, you need to consider if you have a loan on them, as this is a liability that has to be subtracted from the value to get the net worth. So, according to this, Julio is correct because his house has a value of $220,000 but he has a mortgage of $175,000 and when it is subtracted, his asset is $45,000.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Julio has a house worth $220,000. He has a $175,000 mortgage. Julio says that in this situation, his asset is really only $45,000. Which ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Natural Gas, LP, is a limited partnership to which its partners have contributed capital. Natural Gas's creditors include Precision Piping, Inc. On Natural Gas's dissolution, its assets will be distributed to pay a.
Answers (1)
Which phase of the incident response process is used to determine what went right during the incident response, what went wrong, and how to make the process better
Answers (1)
The snow was coming down heavily and the roads were becoming icy. As Jill came around the corner, her car went into a skid and came to rest in someone's yard. The car went through a chain link fence before it stopped.
Answers (1)
Bayou okra farms just paid a dividend of $3.95 on its stock. the growth rate in dividends is expected to be a constant 5 percent per year indefinitely.
Answers (1)
The following information has been provided by Hale Company: • Advertising expense $8,800; • Interest expense $3,800; • Rent expense for store $18,000; • Loss on sale of property and equipment $6,600; • Cost of goods sold $22,200;
Answers (1)
New Questions in Business
In the united states today, what gives money its value?
Answers (2)
An employer has the right to monitor workers electronic communications if
Answers (1)
What is a kind of federal payroll tax A) Medicare tax B) sales tax C) property tax D) progressive tax
Answers (2)
The Rye Corporation has provided the following information: Total sales were $1,240,000. Beginning net accounts receivable was $49,000. Ending net accounts receivable was $63,000. Sales returns and allowances totaled $108,000.
Answers (1)
It's important to know whether you've paraphrased and cited source material for your paper correctly so you avoid plagiarism. Read the original quote below and the two attempts to paraphrase it.
Answers (1)
Home » Business » Julio has a house worth $220,000. He has a $175,000 mortgage. Julio says that in this situation, his asset is really only $45,000. Which statement explains whether Julio is correct?
Sign Up Forgot Password?