1 answer

Mike and Mary Jane Lee have a yearly income of $88,383 and own a house worth...

Question:

Mike and Mary Jane Lee have a yearly income of $88,383 and own a house worth $117,300, two cars worth a total of $29,236 and

Mike and Mary Jane Lee have a yearly income of $88,383 and own a house worth $117,300, two cars worth a total of $29,236 and furniture worth $11,181. The house has a mortgage of $79,859 and the cars have outstanding loans of $3,040 each. Utility bills, totaling $251 for this month, have not been paid Calculate or use Worksheet 4 to determine their net worth and explain what it means. How would the Lees' age affect your assessment of their net worth? The value of Mike and Mary Jane's total assets are $175677. (Round to the nearest dollar.)

Answers

Assets
House 117300
Cars 29236
Furniture 11181
Total 157717
Liabilities
Mortgage 79859
Car loan 6080
Utility bills payable 251
Total 86190

Net Worth = Assets - liabilities = $71527

This means that Lee has excess of assets over liabilities/dues to the amount of $71527. The net worth will not change as per data but is expected to increase with increasing age.However we need to check the actual value of assets and liabilities to determine the same.

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