At the beginning of the year, Arianne had a net worth of $4 comma 0004,000. During...
At the beginning of the year, Arianne had a net worth of
$4 comma 0004,000.
During the year she set
aside$ 100$100
per month from her paycheck for savings and borrowed
$500500
from her cousin that she must pay back in January of next year. What was her net worth at the end of the year?
At the end of the year, Arianne's net worth is
$nothing.
(Round to the nearest dollar.)
Homework Answers
Net worth is equal to Total assets - total liabilities
Arianne is saving $100 per month for 12 months, her assets increase by $1200
She has also borrowed $500, hence her liabilities increased by $500
Her net worth is thus:
=beginning net worth + assets increase - liabilities increase
=4000 + 1200 - 500
=$4,700
Add Answer to:
At the beginning of the year, Arianne had a net worth of
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