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Using the following information about the family’s assets and liabilities, calculate the total assets: Checking account: $3,000 Savings account: $13,000 Credit card balance: $5,500 Utility bill: $500 Home: $320,000 Mortgage (30 years): $210,000 Car: $25,000 Car loan (60 months): $18,000 Student loan (7 years): $25,000 Household items: $15,000 Retirement account: $64,000 Other assets: $39,000 A) 464,000 B) 400,000 C) 415,000 D) 479,000

Using the following information about the family’s assets and liabilities, calculate the total assets: Checking account: $3,000 Savings account: $13,000 Credit card balance: $5,500 Utility bill: $500 Home: $320,000 Mortgage (30 years): $210,000 Car: $25,000 Car loan (60 months): $18,000 Student loan (7 years): $25,000 Household items: $15,000 Retirement account: $64,000 Other assets: $39,000 A) 464,000 B) 400,000 C) 415,000 D) 479,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Using the following information about the family’s assets and liabilities, calculate the total assets:

  • Checking account: $3,000
  • Savings account: $13,000
  • Credit card balance: $5,500
  • Utility bill: $500
  • Home: $320,000
  • Mortgage (30 years): $210,000
  • Car: $25,000
  • Car loan (60 months): $18,000
  • Student loan (7 years): $25,000
  • Household items: $15,000
  • Retirement account: $64,000
  • Other assets: $39,000
    • A) 464,000
    • B) 400,000
    • C) 415,000
    • D) 479,000 
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