Jordan has the following assets and liabilities: $$\begin{array} { l l r }
\text { Two cars } & \$ 10,000 \
\text { House } & \$ 200,000 \
\text { Mortgage } & \$ 100,000 \
\text { Cash } & \$ 1,000 \
\text { Car loans } & \$ 3,000 \
\text { Checking account balance } & \$ 2,000 \
\text { Credit card balance } & \$ 1,000
\end{array}$$ Jordan's wealth is _____, the value of Jordan's assets is _____, and the value of Jordan's liability is _____.
A) $107,000; $213,000; $100,000
B) $109,000; $213,000; $104,000
C) $111,000; $213,000; $100,000
D) $213,000; $317,000; $104,000

Question

Jordan has the following assets and liabilities: $$\begin{array} { l l r } 
\text { Two cars } & \$ 10,000 \
\text { House } & \$ 200,000 \
\text { Mortgage } & \$ 100,000 \
\text { Cash } & \$  1,000 \
\text { Car loans } & \$ 3,000 \
\text { Checking account balance } & \$  2,000 \
\text { Credit card balance } & \$ 1,000
\end{array}$$ Jordan's wealth is _____, the value of Jordan's assets is _____, and the value of Jordan's liability is _____.
A) $107,000; $213,000; $100,000
B) $109,000; $213,000; $104,000
C) $111,000; $213,000; $100,000
D) $213,000; $317,000; $104,000

Quizplus · Accepted Answer

Jordan's wealth is calculated as the total value of assets minus the total value of liabilities.

Total value of assets: 
$10,000 (two cars) + $200,000 (house) + $1,000 (cash) + $2,000 (checking account balance) = $213,000

Total value of liabilities: 
$100,000 (mortgage) + $3,000 (car loans) + $1,000 (credit card balance) = $104,000

Jordan's wealth = $213,000 - $104,000 = $109,000

Jordan Has the Following Assets and Liabilities Jordan's Wealth Is _____, the Value of Jordan's Assets Is