Question

Determining Liquid Assets and Current Liabilities. Based on these items, what is the total of the (a) liquid assets and (b) current liabilities?

Checking account balance $860

Retirement account balance $57,000

Credit card balance $117

Coin collection $450

Savings account balance $2,675

Current student loan payment due $220

Investment account balance $8,000

Mortgage $178,000

Answer 1

1. A
2. A
3. B
4. A
5. A
6. B
7. A
8. B

Answer 2

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(a) Liquid assets = Checking account balance + Savings account balance = $860 + $2,675 = $3,535

(b) Current liabilities = Credit card balance + Current student loan payment due = $117 + $220 = $337