Jasmine Smith owns a condo worth $260,000, a car valued at $25,000, and miscellaneous assets worth...

Jasmine Smith owns a condo worth $260,000, a car valued at $25,000, and miscellaneous assets worth $7,500. Her retirement account, in which she is fully vested, contains $27,500 in mutual funds. Her net worth is $165,000. What are her total liabilities?

Solutions

Expert Solution

Total liabilities = Total assets - Net worth

Total assets = condo+car+miscellaneous assets+investment

= 260,000+25,000+7,500+27,500

= 320,000

Net worth =165,000

Tital liabilities =320,000-165,000

= 155,000

jeff jeffy answered 2 years ago

Next > < Previous

Related Solutions

Joshua and Tiffany have a net worth of $25,000 and total assets of $140,000. They have...

Joshua and Tiffany have a net worth of $25,000 and total assets of $140,000. They have credit card and other monthly bills of $2,200. You are preparing their Balance Sheet. What are their total liabilities? On an income and expense statement covering January 1 to June 30, Which one of the following would not be included as income. wages and salaries received in that six months interest received on June 30 auto sold with payment received May 15 inheritance granted...

An individual owns a car that is worth $20,000, and is considering buying insurance. However, the...

An individual owns a car that is worth $20,000, and is considering buying insurance. However, the only insurance which is available has a maximum coverage of $15,000, i.e. the policy will pay only $15,000 if the car suffers a total loss in an accident. The price of the policy is $1,800. There is a 10% chance of having an accident in which the car is a total loss. The focus here is to calculate the expected values with and without...

Ashley owns a whole-life insurance policy worth $25,000 that directs the insurance company to pay the...

Ashley owns a whole-life insurance policy worth $25,000 that directs the insurance company to pay the beneficiary $500,000 on her death. Ashley pays the annual policy premiums and has the power to designate the beneficiary of the policy. What value of the policy, if any, would be included in Ashley's estate upon her death?

Carolyn and Sanjay are neighbors. Each owns a car valued at $10,000. Neither has comprehensive insurance...

Carolyn and Sanjay are neighbors. Each owns a car valued at $10,000. Neither has comprehensive insurance (which covers losses due to theft). Carolyn’s wealth, including the value of her car is $80,000. Sanjay’s wealth, including the value of his car is $20,000. Carolyn and Sanjay have identical utility of wealth functions, U(W) = W0.4. Carolyn and Sanjay can park their cars on the street or rent space in a garage. In their neighborhood, a street-parked car has a 50% probability...

Estelle Corporation owns assets worth $ 6.00 billion. For each of the next two years, asset...

Estelle Corporation owns assets worth $ 6.00 billion. For each of the next two years, asset values will either go up by $42% or go down by $33%. The risk-free interest rate is 3.0%. Estelle has a debt of $ 7.00 billion maturing in 2 years. Compute the price of 1 share of Estelle, given it has 200 million shares outstanding.

Subjects