Byron and mandy are married and have a net worth of $20,000 and total assets of $150,000. if their revolving credit and unpaid bills total $8,000, how much are their total liabilities?

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28-09-2017
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Byron and mandy are married and have a net worth of $20,000 and total assets of $150,000. if their revolving credit and unpaid bills total $8,000, how much are their total liabilities?

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Kalahira Kalahira · Answer 1 · 2017-10-10T18:30:26+02:00

Net Worth is calculated by finding the difference between total assets and total liabilities. In this problem, we are given revolving credit and unpaid bills but that is not necessary to find the total liabilities if we are given both net worth and total assets. Fill in the information we have using the formula below. Net Worth = Total Assets - Total Liabilities $20,000 = $150,000 - ? Liabilities To solve, we can see that $150,000 - $20,000 = $130,000. So Bryan and Mandy have a combined $130,000 in liabilities.