The following data pertains to the household of Mary and John at the end of the year:?
House $250,000 Mortgage loan $200,000
Stocks and bonds 40,000 Credit card debt 10,000
Money 2,000 Car loan 5,000
Savings account 5,000
Calculate the sum of real assets and financial assets and total assets of the household.
Calculate the total liabilities and the net worth of the household.
- Mr PLv 41 decade agoFavorite Answer
House plus furniture plus car = real assets = $268,000.
Stocks and bonds plus cash plus money plus savings account = $47,000.
Total assets = $268,000 + $47,000 = $315,000.
Total liabilities = $215,000 (mortgage + cc debt + car loan)
Net worth = $315,000 - $215,000 = $100,000.