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Consider the following information about Ayesha's finances
Consider the following information about Ayesha's finances.
Cash $6,000
Automobile 50,000
Prepaid Insurance 3,000
Bank Loan 10,000
Unpaid Credit Card Bills 2,000
Net Worth ?
What is her net worth?
Expert Solution
Computation of the net worth:-
Total assets = Cash + Automobile + prepaid insurance
= $6,000 + $50,000 + $3,000
Total liabilities = Mortgage payable + Unpaid credit card bills
= $10,000 + $2,000
= $12,000
Net worth = Total assets - Total liabilities
= $59,000 - $12,000
= $47,000
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