Question
Julia owes her dad $12. She wants a new blouse that just went on sale, so she borrows $20 from her sister. She pays her father $5 and spends the rest on the blouse. Which statement is true?
Julia’s money status is $8 because she started at –$12 and borrowed $20.
Julia’s money status is –$7 because she started at –$12, got $20, but only paid $5 of her debt.
Julia’s money status is –$27 because she started at –$12, borrowed $20, but paid off $5.
Julia’s money status is –$32 because she began at –$12 and borrowed $20.
Julia’s money status is $8 because she started at –$12 and borrowed $20.
Julia’s money status is –$7 because she started at –$12, got $20, but only paid $5 of her debt.
Julia’s money status is –$27 because she started at –$12, borrowed $20, but paid off $5.
Julia’s money status is –$32 because she began at –$12 and borrowed $20.
Answers
GPT-4o mini
To determine Julia's money status, let's break down the transactions step by step.
1. **Initial Debt to Dad:** Julia owes $12, so her initial status is -$12.
2. **Borrowed Money:** She borrows $20 from her sister. Now, she effectively has:
\[
-12 + 20 = 8
\]
(She now has $8, but she has to pay back the $20 to her sister).
3. **Payment to Dad:** She pays her dad $5. Now, her debt to her dad becomes:
\[
-12 + 5 = -7
\]
(She now owes her dad $7).
4. **Remaining Money After Payment:** After paying her dad $5, she has:
\[
8 - 5 = 3
\]
(She now has $3 left after making the payment).
5. **Blouse Purchase:** She spends the remaining $3 on the blouse.
Now, let's review her current financial status:
- She has no money left after buying the blouse.
- She owes her dad $7 (current debt).
- She owes her sister $20 (debt).
So, we can summarize her total money status:
- Assets = $0 (she has no cash left).
- Liabilities = $7 (to dad) + $20 (to sister) = $27 total liabilities.
Thus, Julia's overall money status is:
\[
0 - 27 = -27
\]
Now we can review the statements provided:
1. **Statement 1:** Julia’s money status is $8 because she started at –$12 and borrowed $20. **(False)**
2. **Statement 2:** Julia’s money status is –$7 because she started at –$12, got $20, but only paid $5 of her debt. **(False)**
3. **Statement 3:** Julia’s money status is –$27 because she started at –$12, borrowed $20, but paid off $5. **(True)**
4. **Statement 4:** Julia’s money status is –$32 because she began at –$12 and borrowed $20. **(False)**
Therefore, the true statement is:
**"Julia’s money status is –$27 because she started at –$12, borrowed $20, but paid off $5."**
1. **Initial Debt to Dad:** Julia owes $12, so her initial status is -$12.
2. **Borrowed Money:** She borrows $20 from her sister. Now, she effectively has:
\[
-12 + 20 = 8
\]
(She now has $8, but she has to pay back the $20 to her sister).
3. **Payment to Dad:** She pays her dad $5. Now, her debt to her dad becomes:
\[
-12 + 5 = -7
\]
(She now owes her dad $7).
4. **Remaining Money After Payment:** After paying her dad $5, she has:
\[
8 - 5 = 3
\]
(She now has $3 left after making the payment).
5. **Blouse Purchase:** She spends the remaining $3 on the blouse.
Now, let's review her current financial status:
- She has no money left after buying the blouse.
- She owes her dad $7 (current debt).
- She owes her sister $20 (debt).
So, we can summarize her total money status:
- Assets = $0 (she has no cash left).
- Liabilities = $7 (to dad) + $20 (to sister) = $27 total liabilities.
Thus, Julia's overall money status is:
\[
0 - 27 = -27
\]
Now we can review the statements provided:
1. **Statement 1:** Julia’s money status is $8 because she started at –$12 and borrowed $20. **(False)**
2. **Statement 2:** Julia’s money status is –$7 because she started at –$12, got $20, but only paid $5 of her debt. **(False)**
3. **Statement 3:** Julia’s money status is –$27 because she started at –$12, borrowed $20, but paid off $5. **(True)**
4. **Statement 4:** Julia’s money status is –$32 because she began at –$12 and borrowed $20. **(False)**
Therefore, the true statement is:
**"Julia’s money status is –$27 because she started at –$12, borrowed $20, but paid off $5."**