Question

Your grandma gave you $100 toward buying a $700 computer. To purchase the computer, you use the $100 given to you by your grandma and put $600 on a credit card. You didn’t take any money out of your $300 savings account. What are your total assets?(1 point) Responses $1,100 $1,100 $900 $900 $1,700 $1,700 $1,000

Answer 1

To determine your total assets, we need to consider all the resources you currently have.

1. Savings Account: You have $300 in your savings account.
2. Computer: You purchased a computer for $700, which is now an asset you own.

Even though you used a credit card to finance part of the computer, the total value of your assets includes the computer and the available money:

• Total worth of the computer: $700
• Savings account balance: $300

Total assets = Value of the computer + Savings account balance = $700 + $300 = $1,000.

Therefore, your total assets are $1,000.