Question

Greg owns a home worth $150,000 and a truck worth $15,000. He has $25,000 in a retirement account and has mechanic tools he could sell for $20,000. He owes $100,000 on his home and $9,000 on his truck and has credit card balances of $5,000. What are Greg's total assets?

Answer 1

Answer: Greg's total assets amout $96 000

Explanation: Total assets = (home worth + truck worth + retirement account + tools) - (owed on home + owed on truck + credit card balances)

Total assets = ($150,000 + $15,000 + $25,000 + $20,000) - ($100,000 + $9,000 + $5,000)

Total assets = $210,000 - $114,000

Total assets = $96,000