Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Set up a Balance Sheet from the information below to determine Total Liabilities: Cash in the bank 5 , 0 0 0 ; total credit

Set up a Balance Sheet from the information below to determine Total Liabilities:
Cash in the bank 5,000; total credit card balance 10; gross wages 72,000; retirement account 150,000; car loan balance 12,000; payroll deductions 12,000; market value of 2020 Honda Accord 20,000; boat loan balance 5,000; house interest annualized 5,000; market value of a ski boat 10,000; food expense annualized 6,000; clothing expense annualized 2,000; cell phone expense annualized 1,800; internet and cable expense annualized 1,800; mortgage balance 100,000; entertainment and travel expense 3,000; credit card interest 1,500; car loan interest 6,00; market value of home 250,000; boat loan interest 500; annual payment on credit cards 3,000; annual payment on car 4,800; annual payment on boat 3,000; annual mortgage payment 18,000.
What is the amount of Total Liabilities?
Question 22 options:
$435,000
$6,000
$127,000
$308,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions