Personal Finance 1st Edition by Jack R. Kapoor

Exercise 19

Computing Balance Sheet Amounts. For each of the following situations, compute the missing amount.

a. Assets $45,000; liabilities $12,600; net worth $ _____.

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b. Assets $78,980; liabilities $ _____ ; net worth $13,700.

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c. Assets $44,280; liabilities $12,965; net worth $ _____.

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d. Assets $ _____ ; liabilities $38,345; net worth $53,795.

Step 1 of 4

Net worth is the difference between the total assets and total liabilities. It can be expressed in the following equation:

Calculate the amount of net worth by substituting $45,000 for total assets and $12,600 for total liabilities in the equation of net worth:

Therefore, the amount of net worth is .