clirones
Answered

At Westonci.ca, we make it easy to get the answers you need from a community of informed and experienced contributors. Experience the ease of finding accurate answers to your questions from a knowledgeable community of professionals. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform.

The following table shows the assets and liabilities of the Chang family in 2007 and 2008.

2007
2008
home valued at $315,000
home valued at $325,000
mortgage of $265,000
mortgage of $240,000
car valued at $10,000
car valued at $6,000
car loan of $5,000
car loan of $1,000
savings of $2,000
credit card debt of $1,500

Based on the table, which of the following is true?
a.
From 2007 to 2008, both assets and liabilities decreased.
b.
From 2007 to 2008, both assets and liabilities increased.
c.
From 2007 to 2008, assets decreased and liabilities increased.
d.
From 2007 to 2008, assets increased and liabilities decreased.


Please select the best answer from the choices provided

A
B
C
D

Sagot :

jjodlask

Answer:

d

Liabilities are what someone owes and assets are what someone owns and is worth something. The house is an asset and the car loan is a liability. According to the numbers provided the assets have an increase of $6,000 with +10,000 from the house and -4,000 from the car. And liabilities had a decrease of $25,500 with a -$29,000 from mortgage and car loans and a +3,500 from the savings account and debt. So assets increase and liabilities decrease. 

Thank you for choosing our service. We're dedicated to providing the best answers for all your questions. Visit us again. We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. We're glad you chose Westonci.ca. Revisit us for updated answers from our knowledgeable team.