Personal Finance 1st Edition by Jack R. Kapoor

Exercise 11

Calculating Balance Sheet Amounts. Based on the following data, compute the total assets, total liabilities, and net worth.

Liquid assets, $4,670

Investment assets, $26,910

Current liabilities, $2,670

Household assets, $93,780

Long-term liabilities, $76,230

Step 1 of 3

Total assets are sum of the all assets of the company. Here, the company has the liquid assets, investment assets, and house hold assets.

Calculate the amount of the total assets using the equation:

Substitute $4,670 for liquid assets, $26,910 for investment assets, and $93,780 for house hold assets in the equation of total assets:

Therefore, the amount of the total assets is .