Question:

Solution:

Can you show working for liabilities computed above?

INTERNAL INFORMATION The Residence The current value of the residence is $550,000. The balance of the 30-year mortgage at 5.5% is $260,514. The land value is $150,000. The monthly payment is $1,703.37 and they have owned it for 8 years. They will not qualify for refinancing until Mr. Young has been employed for 12 months. as of 1/1/2020 Liabilities and Net Worth Current Liabilities CP Principal Residence Mortgage $6,269 Total Current Liabilities Long-Term Liabilities CP Principal Residence Mortgage $254,245 Total Long-Term Liabilities $260,514 Total Liabilities $260,514 Total Net Worth Total Liabilities & Net Worth $831,486 $1,092,000