Given:
Sharon has two liabilities: a credit card balance of $1300 and a car loan balance of $4800.
Car = $9000
Balance in her saving account = $1450
Stocks = $1050.
To find:
Sharon’s net worth.
Solution:
Total liabilities = Credit card balance + Car loan balance
= $1300 + $4800
= $6100
Total Assets = Car + Balance in her saving account + Stocks
= $9000 + $1450 + $1050
= $11500
Now,
Net worth = Total assets - Total liabilities
= $11500 - $6100
= $5400
Therefore, Sharon’s net worth is $5400.
Sharon's net worth, based on her assets and liabilities, is $5,400.
Net worth refers to the difference between an individual's assets and liabilities.
Assets are the properties owned by the individual. Liabilities are the sources of funding for the assets. They are financial obligations owed to outsiders (creditors).
In business, the net worth of an entity is known as equity.
Credit card balance of $1300
Car loan balance of $4800
Total liabilities = $6,100
Sharon's car with a market value of $9000
Savings account balance of $1450
Stocks that are currently worth $1050
Total assets = $11,500
Net worth = $5,400 ($11,500 - $6,100)
Thus, Sharon's net worth is $5,400.
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