Question
Judy is the manager of a clothing Boutique in downtown Toronto. She has the following assets and liabilities. Assets: She has a condo with a
Judy is the manager of a clothing Boutique in downtown Toronto. She has the following assets and liabilities.
Assets:
She has a condo with a market value of $372,000.
She has savings in the amount of $22,000.
She has a participating whole life policy with a death benefit of $200,000 and a cash value of $133,000.
Liabilities:
She has a reverse mortgage of $90,000.
She owes CRA in income tax in the amount of $1,070 from previous years.
Considering this information, what is Judy's net worth?
Select one:
a. $325,930
b. $592,930
c. $435,930
d. $502,930
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