During the past month, Jennifer Johnson had income of $3,870 but had to use some of her liquid savings to cover her monthly expenses. This resulted in a decrease in net worth of $490. This means Jennifer's monthly expenses for the month were:

Question

Barbara Newman

Business

19 July, 06:43

During the past month, Jennifer Johnson had income of $3,870 but had to use some of her liquid savings to cover her monthly expenses. This resulted in a decrease in net worth of $490. This means Jennifer's monthly expenses for the month were:

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Answers (1)

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Anderson Vazquez · Answer 1

Jennifer's monthly expenses for the month were $4,360.

Explanation:

Net worth is simply the total value of assets that an individual owns minus the total liabilities. It is a quick snapshot of the financial health of that individual. In that, it can be used to know how much the individual's real worth is.

Jennifer had an income of $3,870 but still used some of her liquid savings to cover her monthly expenses and this led to decrease of $490. This means Jennifer exhausted her income of $3,870 and still used up her liquid savings to the tune of $490 to cover her monthly expenses of $4,360 ($3,870 + $490).