Question

10. Hayden is comprising a statement with all his
financial assets and liabilities. The assets are shown
as a positive number, and the liabilities are shown as a
negative number. What is the balance of his savings
account?
ITEM
VALUE (S)
CHECKING ACCOUNT
$2,540
INVESTMENTS
$6,000
CREDIT-CARD DEBT
-$880
PERSONAL LOANS
-$ 1,500
SAVINGS
TOTAL NET WORTH $6,760
F. $1,260
H. $810
G. $1,680
J.)$600

Answer 1

The balance in Hayden's savings account is $600.

What is the balance of the savings account?

Net worth is total assets less liabilities. Assets are items owned by a person that creates benefits in the future to the person. Liabilities are what are owed to another person.

Net worth = assets - liabilities

6760 = (2540 + 6000 + savings)  - (880 + 1500)

6760 = 8540 + savings - 2380

Savings = 6760 - 8540 + 2380

Savings = $600

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