Question

1. Fill in the balance sheet below with each of Rosa's assets and liabilities. Calculate (add up) her total assets and total liabilities. Then calculate her net worth. (15 points) Cash Assets ($) Checking account Liabilities ($) Student loans Credit card(s) balance(s) Net Worth ($) TOTAL ASSETS - TOTAL LIABILITIES​

Answer 1

Balance Sheet:

Cash Assets ($)

Checking account: $2,000

Liabilities ($)

Student loans: $10,000

Credit card(s) balance(s): $500

Total Assets: $2,000

Total Liabilities: $10,500

Net Worth: Total Assets - Total Liabilities

Net Worth: $2,000 - $10,500

Net Worth: -$8,500

Therefore, Rosa's total assets are $2,000, her total liabilities are $10,500, and her net worth is -$8,500. This indicates that her liabilities exceed her assets, and she has a negative net worth.