Question

Patricia McDonald has determined the following information about her own financial situation. Her checking account is worth $850 and her savings account is worth $1,200. She owns her own home that has a market value of $98,000. She has furniture and appliances worth $12,000 and a home computer and laptop worth $3,300. She has a car worth $12,500 and owes $7,800 on her auto loan. She has also purchased some stock worth $5,500 and she has a retirement account worth $38,550. What is the total value of her assets?

Answer 1

Answer:

Total value of her assets is $171900.

Explanation:

Given information:

Checking account = $850

Savings account = $1,200

Home = $98,000

Furniture and appliances = $12,000

A home computer and laptop = $3,300

Car = $12,500

Owes = $7,800  (Liability)

Stock worth = $5,500

Retirement account = $38,550.

In the above Reformation all are Patricia McDonald assets except Owes $7,800. So, the total value of her assets is

$Assets=850+1200+98000+12000+3300+12500+5500+38550$

$Assets=171900$

Therefore total value of her assets is $171900.