Victor needs to calculate his total net worth from the data in a balance sheet. He adds his total assets in cell B2 and total liabilities in cell B3. What formula should Victor use to calculate his net worth?

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cassiehess25 cassiehess25

26-06-2022
Business

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Victor needs to calculate his total net worth from the data in a balance sheet. He adds his total assets in cell B2 and total liabilities in cell B3. What formula should Victor use to calculate his net worth?

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vijayhalder031 vijayhalder031 · Answer 1 · 2022-06-30T20:45:22+02:00

Victor should use = MINUS(B2,B3) formula to calculate his net worth

Given the total assets in cell B2 and total liabilities in Cell B3

We need to find formula should Victor use to calculate his net worth

A liability in financial accounting is the future economic gains that an entity must forfeit to other entities as a result of previous transactions or other past occurrences.

Any resource that a company or other economic organization owns or controls is considered an asset in financial accounting. Anything that has the potential to provide positive economic value qualifies. The ownership value that may be turned into cash is represented by assets.

The total net worth of any company or person is difference between their assets and liabilities

So victor would use following formula to find his net worth:

Victor networth = total assets in cell B2 - total liabilities in cell B3

Hence Victor should use = MINUS(B2,B3) formula to calculate his net worth

Learn more about assets and liabilities here:

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