Lauren and Herb have the following assets and liabilities Li

Lauren and Herb have the following assets and liabilities:

Liquid assets $6,750

Investment assets $16,250

House $125,000

Current liabilities $3,100

Long-term liabilities $86,000

Calculate the total assets, total liabilities, and net worth.

Solution

Dear Student Thank you for using Chegg Please find below the answer Statementshowing Computations Paticulars Total Assets = Liquid Assets + Investment Assets + House Total Assets = 6750 + 16250 + 125000 Total Assets = $148,000 Total Liabilities = Current Liabilities + long term liabilities Total Liabilities = 3,100 + 86,000 Total Liabilities = 89,100 Net Worth = Total Assets - total Liabilities Net Worth = 148,000 - 89,100 Net Worth = 58,900