Ken Lewin, a factory worker in Toronto, Ontario asks you to help him find out how much he is worth From a discussion with him you found out the following facts:. His bank balance is $3 650. • He owns a home valued at $492 000, which has a mortgage on it of $ 162 360. He owns furniture and household equipment valued at $ 55 000. • He owns a summer property valued at $ 225 000, which he bought entirely with money borrowed from the bank. Since the time of purchase he has repaid $ 80 000 of the loan. He has unpaid bills amounting up to $4 200 • He owes his mother-in-law Jane Duncan, the sum of $ 50 000, which he borrowed interest free several years ago at the time he bought his house. List Ken Lewin's assets in one column. His liabilities in another, and calculate his equity.
Ken Lewin, a factory worker in Toronto, Ontario asks you to help him find out how much he is worth From a discussion with him you found out the following facts:. His bank balance is $3 650. • He owns a home valued at $492 000, which has a mortgage on it of $ 162 360. He owns furniture and household equipment valued at $ 55 000. • He owns a summer property valued at $ 225 000, which he bought entirely with money borrowed from the bank. Since the time of purchase he has repaid $ 80 000 of the loan. He has unpaid bills amounting up to $4 200 • He owes his mother-in-law Jane Duncan, the sum of $ 50 000, which he borrowed interest free several years ago at the time he bought his house. List Ken Lewin's assets in one column. His liabilities in another, and calculate his equity.
Chapter6: Business Expenses
Section: Chapter Questions
Problem 68P
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Question
Transcribed Image Text:Ken Lewin, a factory worker in Toronto, Ontario asks you to help him find out
how much he is worth From a discussion with him you found out the following facts:.
•
His bank balance is $3 650.
•
He owns a home valued at $492 000, which has a mortgage on it of
$ 162 360.
•
He owns furniture and household equipment valued at $ 55 000.
•
He owns a summer property valued at $ 225 000, which he bought entirely
with money borrowed from the bank. Since the time of purchase he has
repaid $ 80 000 of the loan.
.
He has unpaid bills amounting up to $4 200
•
He owes his mother-in-law Jane Duncan, the sum of $ 50 000, which he
borrowed interest free several years ago at the time he bought his house.
List Ken Lewin's assets in one column. His liabilities in another, and calculate
his equity.
Mira Gordon assets and liabilities are listed below in random order:
Bank balance $856.25; Bank Loan $5 000; House and lot; $185 000.00;
Cash on hand $ 85.35, Amount owed to Esso oil $ 135.60, Amount owed to
Ontario hydro $85.50, miscellaneous equipment $1 850.00 mortgage on house
and lot $90 000.00, Household furniture and furnishings $4 800.00; Amount
loaned oto Mira Gordon $ 2 000.00
A.
List the assets in one column and total them.
B.
List the liabilities in another column and total them.
Calculate Mira Gordon's equity.
C.
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