Ask Question
14 February, 09:23

Patricia McDonald has determined that the value of her liquid assets is $4,500, the value of her real estate is $135,000, the value of her personal possessions is $58,000, and the value of her investment assets is $72,000. She has also determined the value of her current liabilities is $7,500 and the value of her long term liabilities is $98,000. What is Patricia's net worth?

+4
Answers (1)
  1. 14 February, 09:51
    0
    The correct answer is $164,000.

    Explanation:

    According to the scenario, the given data are as follows:

    Assets

    Liquid assets = $4,500

    Real estate = $135,000

    Personal possession = $58,000

    Investment assets = $72,000

    Liabilities

    Current liabilities = $7,500

    Long term liabilities = $98,000

    So, we can calculate Patricia's net worth by using following formula:

    Net worth = Total Assets - Total Liabilities

    = ($4,500 + $135,000 + $58,000 + $72,000) - ($7,500 + $98,000)

    = $269,500 - $105,500

    = $164,000

    Hence, Patricia's net worth is $164,000.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Patricia McDonald has determined that the value of her liquid assets is $4,500, the value of her real estate is $135,000, the value of her ...” 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