Corey has a mountain bike worth $300, a credit card debt of $150, $200 in cash, a Sandy Koufax baseball card worth $400, $1,200 in a checking account, and an electric bill due for $250.

a. Construct Coreys balance sheet on your own and calculate his net worth

Corey's net worth: $ .

For parts b through d, explain how each event affects Coreys assets, liabilities, and wealth:

b. Corey goes to a baseball card convention and finds out that his baseball card is a worthless forgery.

Instructions: Enter your responses as whole numbers.

Assets (Click to select) increase, decline or remain unchanged and equal $ _______

Liabilities (Click to select) decline, remain unchanged or increase and equal $ _______

Wealth (Click to select) remains unchanged, increases or declines and equals $ _______

c. Corey uses $150 from his paycheck to pay off his credit card balance. The remainder of his paycheck is spent in a way that does not impact his balance sheet.

Instructions: Enter your responses as whole numbers.

Assets (Click to select) increase decline remain unchanged and equal $ _______

Liabilities (Click to select) increase remain unchanged decline and equal $ _______

Wealth (Click to select) declines remains unchanged increases and equals $ _______

d. Corey writes a $150 check on his checking account to pay off his credit card balance.

Instructions: Enter your responses as whole numbers.

Assets (Click to select) increase decline remain unchanged and equal $ _______

Liabilities (Click to select) decline increase remain unchanged and equal $ _______

Wealth (Click to select) increases remains unchanged declines and equals $ _______

e. Of the events in the previous three parts, which, if any, corresponds to saving on Coreys part?

(Click to select) Parts c-d, Part b, Part d, Part c, Parts c and d, Parts b and d