Homework Answers
Ans : Net worth = Assets - liabilities
(1) Purchase $ 5,000 worth of mutual fund - asset form was changed - No impact on net worth
(2) Spend $ 6,000 on vacation - Asset value decreases by $ 6,000
(3) Purchased $ 10,000 furniture - Asset form was changed - No impact on net worth.
From above transactions, $ 6,000 of asset is decreased, $ 6,000 of net worth is decreased.
Option B $ 6,000 decrease
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Your client's investments earn $22,000 in this bull
market.
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15-year mortgage and amortizes all closing costs. The mortgage is
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