6 of 10 6 of 10 Items

Question

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Question
Lenny created the net worth statement shown.

Net Worth Statement

Assets Value
House (current value) $95,000
Checking account $2,300
Automobile $15,750
Investments $10,550
Total Assets $123,600

Liabilities
Mortgage $80,000
Credit card debt $250
Total Liabilities $80,250

Based on the information in the statement, what is Lenny’s net worth?
Responses

A$203,850
$203,850
B$52,350
$52,350
C$43,350
$43,350
D$44,350

Answer 1

Lenny's net worth can be calculated by subtracting his total liabilities from his total assets.

Net Worth = Total Assets - Total Liabilities
= $123,600 - $80,250

Therefore, Lenny's net worth is $43,350.

The correct answer is option C: $43,350.