Assets Value

House $190,000
Car $36,000
Computer $1,115
Savings account $27,844
Retirement savings $90,291
Total Assets
Liabilities Balance Owed
Mortgage $114,500
Credit card balance $3,062
Total Liabilities
Net Worth
Constructing the table, what is the net worth?

(1 point)
Responses

$117,562
$117,562

$230,750
$230,750

$345,250
$345,250

$227,688

1 answer

To calculate net worth, you need to subtract total liabilities from total assets. Let's first calculate total assets and total liabilities.

Total Assets:

  • House: $190,000
  • Car: $36,000
  • Computer: $1,115
  • Savings account: $27,844
  • Retirement savings: $90,291

Total Assets = $190,000 + $36,000 + $1,115 + $27,844 + $90,291 = $345,250

Total Liabilities:

  • Mortgage: $114,500
  • Credit card balance: $3,062

Total Liabilities = $114,500 + $3,062 = $117,562

Net Worth: Net Worth = Total Assets - Total Liabilities Net Worth = $345,250 - $117,562 = $227,688

So, the correct response for the net worth is $227,688.