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Mike and Mary Jane Lee have a yearly income of $92,317 and own a house worth $122, 100, two cars worth a total of $26,142
Mike and Mary Jane Lee have a yearly income of $92,317 and own a house worth $122, 100, two cars worth a total of $26,142 and furniture worth $10,589. The house has a mortgage of $64,176 and the cars have outstanding loans of $3,315 each. Utility bills, totaling $302 for this month, have not been paid. Calculate or use Worksheet 4 to determine their net worth and explain what it means. How would the Lees' age affect your assessment of their net worth? The value of Mike and Mary Jane's total assets are $ (Round to the nearest dollar.) The value of Mike and Mary Jane's total liabilities are $ (Round to the nearest dollar.) The value of Mike and Mary Jane's net worth is $ (Round to the nearest dollar.) How would the Lees' age affect your assessment of their net worth? (Select the best choice below.) A. If the Lees sold off all their assets and attempted to pay off all their debts, they would still owe $180,040. You would expect net worth to decrease with age. B. If the Lees sold off all their assets and paid off all their debts, they would have $87,723 in cash. You would expect net worth to increase with age
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