Your grandma gave you $100 toward buying a $700 computer. You 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)

Question

Responses

$1,100
$1,100

$900
$900

$1,000
$1,000

$1,700
$1,700

Answer 1

To determine your total assets, you need to consider the value of the items you have and any cash you possess.

1. Computer: $700 (the computer is considered an asset)
2. Savings Account: $300 (cash in savings)
3. Credit Card Debt: The $600 on the credit card is a liability, not an asset, so we will not include it when calculating total assets.

Now, let's calculate the total assets:

• Computer: $700
• Savings Account: $300

Total assets = $700 + $300 = $1,000.

Therefore, the correct response is:

$1,000