Question

Statement of Financial Position      Cash                                &n

Statement of Financial Position     

Cash                                                                $4,000

Credit Cards                                                    $25,000

Traditional IRA                                              $25,000

Student Loans Outstanding                            $20,000

Investments                                                     $40,000

Personal Residence Mortgage Outstanding    $200,000

Personal Residence                                         $240,000

           

Statement of Cash Flows     

Annual Income                                               $250,000

Annual Expenditures:

Housing Payments (PITI)                               $25,062

Credit Card Payments                                     $10,000

Student Loan Payments                                  $5,000

What is the Net worth?

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Answer #1

net worth = assets - liabilities

net worth = $59,000

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