Given $45,000 worth of total assets and a net worth of $25,000, what is the total balance of liabilities?(1 point)

Answer 1

The total balance of liabilities can be calculated by subtracting the net worth from the total assets:

Total Liabilities = Total Assets - Net Worth
Total Liabilities = $45,000 - $25,000
Total Liabilities = $20,000

So, the total balance of liabilities is $20,000.