The net worth, based on the net worth statement of total assets and total liabilities, is B) $2,000.
What is the net worth?
The net worth of an individual is the difference between the assets owned and the liabilities that the person owes.
Data and Calculations:
Assets:
Cash $200
Checking accounts $1,000
Savings account $400
Cars $8,000
Furniture and appliances $1,500
Computers $900
Stereo/Cell phones $400
Clothing $300
Total assets = $12,700
Liabilities:
Credit card balances $1,200
Charge accounts balances of $200
Student loans $7,000
Car Loans $2,300
Total liabilities = $10,700
Net worth = $2,000 ($12,700 - $10,700)
Answer Options:
A) $200
B) $2,000
C) $10,700
D) $12,700
Thus, the net worth, based on the net worth statement of total assets and total liabilities, is B) $2,000.
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