NAME DIRECTIONS Use the information below to fill out a consumer equity form and calculate the net worth for each family. Net worth can be a useful tool to measure your financial progress from year to year. Your net worth is a grand total of all assets (what you own) minus liabilities (what you owe; debts). It's important to understand that your income isn't the only factor that determines your wealth. Occupation Annual Income Retirement Investments Real Estate Vehicles Credit Card Debt Emergency Fund Checking Account Household Items Nurse and Sales FAMILY A $105,000 combined $35,000 Owns a house appraised at $224,000 with a mortgage balance of $202,000 New truck with Blue Book value of $32,000; owes $35,000 Used SUV with a retail value of $17,500; owes $14,500 $13,000 $1,000 $2,500 DATE Antiques: $5,000 Appliance Installer $45,000 FAMILY B $22,000 Owns a house appraised at $180,000 with a mortgage balance of $126,000 Used sedan with retail value of $9,500; paid for None $5,000 $650 Electronics: $3,500
NAME DIRECTIONS Use the information below to fill out a consumer equity form and calculate the net worth for each family. Net worth can be a useful tool to measure your financial progress from year to year. Your net worth is a grand total of all assets (what you own) minus liabilities (what you owe; debts). It's important to understand that your income isn't the only factor that determines your wealth. Occupation Annual Income Retirement Investments Real Estate Vehicles Credit Card Debt Emergency Fund Checking Account Household Items Nurse and Sales FAMILY A $105,000 combined $35,000 Owns a house appraised at $224,000 with a mortgage balance of $202,000 New truck with Blue Book value of $32,000; owes $35,000 Used SUV with a retail value of $17,500; owes $14,500 $13,000 $1,000 $2,500 DATE Antiques: $5,000 Appliance Installer $45,000 FAMILY B $22,000 Owns a house appraised at $180,000 with a mortgage balance of $126,000 Used sedan with retail value of $9,500; paid for None $5,000 $650 Electronics: $3,500
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter3: Taxes On The Financial Statements
Section: Chapter Questions
Problem 6RP
Related questions
Question
DIRECTIONS
Use the information below to fill out a consumer equity form and calculate the net worth for each family. Net worth can be a useful tool to measure your financial progress from year to year. Your net worth is a grand total of
all assets what vou own) minus liabilities (what vou owe: debts). It's important to understand that vour income
Isn tine only Tactor that determines your wealtn.
Occupation
Annual Income
Retirement Investments
Real Estate
Vehicles
Credit Card Debt
Emergency Fund
Checking Account
Household Items
FAMILY A
FAMILY B
Nurse and Sales
Appliance Installer
$105,000 combined
$45,000
$35,000
$22,000
Owns a house appraised at $224,000 with a mortgage
balance of $202.000
Owns a house appraised at $180,000 with a mortgage balance of $126,000
New truck with Blue Book value
Used sedan with retail value
of $32,000; owes $35,000
of $9,500; paid for
Used SUV with a retail value of $17,500; owes $14,500
$13,000
None
$1.000
$5.000
$2,500
$650
Antiques: $5,000
Electronics: $3,500
what’s family a ?
Family A's Consumer Equity
ITEM
VALUE
-
Real Estate
DEBT
=
Vehicle
Vehicle
Checking Account
Savings Account
Retirement
Investments
Household Items
Credit Card Debt
TOTAL
=
ASSETS
LIABILITIES
P FOUNDATIONS IN PERSONAL FINANCE
Calculating Your Net Worth
CHAPTER 1, LESSON 4
Family B's Consumer Equity
ITEM
VALUE
DEBT
74
Submit
EQUITY
NET WORTH
what’s family b? Family B's Consumer Equity
ITEM
Real Estate
VALUE
-
DEBT
=
EQUITY
Vehicle
Vehicle
Checking Account
Savings Account
Retirement
Investments
Household Items
Credit Card Debt
TOTAL
ASSETS
LIABILITIES
NET WORTH
Transcribed Image Text:Calculating Your Net Worth
CHAPTER 1, LESSON 4
NAME
Occupation
DIRECTIONS
Use the information below to fill out a consumer equity form and calculate the net worth for each family. Net
worth can be a useful tool to measure your financial progress from year to year. Your net worth is a grand total of
all assets (what you own) minus liabilities (what you owe; debts). It's important to understand that your income
isn't the only factor that determines your wealth.
Annual Income
Retirement Investments
Real Estate
Vehicles
Credit Card Debt
Emergency Fund
Checking Account
ch
Household Items
R FOUNDATIONS IN PERSONAL FINANCE
Nurse and Sales
$105,000 combined
FAMILY A
$35,000
Owns a house appraised at
$224,000 with a mortgage
balance of $202,000
New truck with Blue Book value
of $32,000; owes $35,000
Used SUV with a retail value
of $17,500; owes $14,500
$13,000
$1,000
$2,500
DATE
Antiques: $5,000
FAMILY B
Appliance Installer
$45,000
$22,000
Owns a house appraised at
$180,000 with a mortgage
balance of $126,000
Used sedan with retail value
of $9,500; paid for
None
$5,000
$650
Electronics: $3,500
PAGE 1 OF 4
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