Discover the answers you need at Westonci.ca, a dynamic Q&A platform where knowledge is shared freely by a community of experts. Join our Q&A platform to get precise answers from experts in diverse fields and enhance your understanding. Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform.
Sagot :
Let's break down the problem so that we can determine the assets, liabilities, and net worth of the landscaping business step-by-step.
### Step 1: Listing the Assets
First, we'll list and add up all the assets:
1. Owned Inventory: [tex]$30,500 2. Cash: $[/tex]75,420
3. Savings Account: [tex]$28,000 4. Owned Equipment: $[/tex]15,670
5. Accounts Receivable: [tex]$11,560 6. Investments: $[/tex]178,925
To find the total assets, we sum these amounts:
[tex]\[ \text{Total Assets} = 30,500 + 75,420 + 28,000 + 15,670 + 11,560 + 178,925 = 340,075 \][/tex]
### Step 2: Listing the Liabilities
Now, we list and add up all the liabilities:
1. Building Mortgage: [tex]$154,265 2. Small Business Loan: $[/tex]25,652
3. Credit Cards: [tex]$11,450 To find the total liabilities, we sum these amounts: \[ \text{Total Liabilities} = 154,265 + 25,652 + 11,450 = 191,367 \] ### Step 3: Calculating the Net Worth The net worth is calculated as the difference between the total assets and the total liabilities: \[ \text{Net Worth} = \text{Total Assets} - \text{Total Liabilities} = 340,075 - 191,367 = 148,708 \] ### Final Balance Sheet Putting it all together, the balance sheet for the landscaping business appears as follows: \[ \begin{array}{|l|r|} \hline \text{Assets} & \text{Amount} \\ \hline \text{Owned Inventory} & \$[/tex]30,500 \\
\hline \text{Cash} & \[tex]$75,420 \\ \hline \text{Savings Account} & \$[/tex]28,000 \\
\hline \text{Owned Equipment} & \[tex]$15,670 \\ \hline \text{Accounts Receivable} & \$[/tex]11,560 \\
\hline \text{Investments} & \[tex]$178,925 \\ \hline \text{Total Assets} & \$[/tex]340,075 \\
\hline
\end{array}
\]
[tex]\[ \begin{array}{|l|r|} \hline \text{Liabilities} & \text{Amount} \\ \hline \text{Building Mortgage} & \$154,265 \\ \hline \text{Small Business Loan} & \$25,652 \\ \hline \text{Credit Cards} & \$11,450 \\ \hline \text{Total Liabilities} & \$191,367 \\ \hline \end{array} \][/tex]
[tex]\[ \begin{array}{|l|r|} \hline \text{Net Worth} & \$148,708 \\ \hline \end{array} \][/tex]
This balance sheet correctly shows the assets, liabilities, and net worth of the landscaping business.
### Step 1: Listing the Assets
First, we'll list and add up all the assets:
1. Owned Inventory: [tex]$30,500 2. Cash: $[/tex]75,420
3. Savings Account: [tex]$28,000 4. Owned Equipment: $[/tex]15,670
5. Accounts Receivable: [tex]$11,560 6. Investments: $[/tex]178,925
To find the total assets, we sum these amounts:
[tex]\[ \text{Total Assets} = 30,500 + 75,420 + 28,000 + 15,670 + 11,560 + 178,925 = 340,075 \][/tex]
### Step 2: Listing the Liabilities
Now, we list and add up all the liabilities:
1. Building Mortgage: [tex]$154,265 2. Small Business Loan: $[/tex]25,652
3. Credit Cards: [tex]$11,450 To find the total liabilities, we sum these amounts: \[ \text{Total Liabilities} = 154,265 + 25,652 + 11,450 = 191,367 \] ### Step 3: Calculating the Net Worth The net worth is calculated as the difference between the total assets and the total liabilities: \[ \text{Net Worth} = \text{Total Assets} - \text{Total Liabilities} = 340,075 - 191,367 = 148,708 \] ### Final Balance Sheet Putting it all together, the balance sheet for the landscaping business appears as follows: \[ \begin{array}{|l|r|} \hline \text{Assets} & \text{Amount} \\ \hline \text{Owned Inventory} & \$[/tex]30,500 \\
\hline \text{Cash} & \[tex]$75,420 \\ \hline \text{Savings Account} & \$[/tex]28,000 \\
\hline \text{Owned Equipment} & \[tex]$15,670 \\ \hline \text{Accounts Receivable} & \$[/tex]11,560 \\
\hline \text{Investments} & \[tex]$178,925 \\ \hline \text{Total Assets} & \$[/tex]340,075 \\
\hline
\end{array}
\]
[tex]\[ \begin{array}{|l|r|} \hline \text{Liabilities} & \text{Amount} \\ \hline \text{Building Mortgage} & \$154,265 \\ \hline \text{Small Business Loan} & \$25,652 \\ \hline \text{Credit Cards} & \$11,450 \\ \hline \text{Total Liabilities} & \$191,367 \\ \hline \end{array} \][/tex]
[tex]\[ \begin{array}{|l|r|} \hline \text{Net Worth} & \$148,708 \\ \hline \end{array} \][/tex]
This balance sheet correctly shows the assets, liabilities, and net worth of the landscaping business.
Thank you for trusting us with your questions. We're here to help you find accurate answers quickly and efficiently. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Find reliable answers at Westonci.ca. Visit us again for the latest updates and expert advice.
