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2 September, 22:05

Mandy and Jeff have a net worth of $25,000 and total assets of $140,000. If their revolving credit and unpaid bills total $2,200, what are their total liabilities

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  1. 2 September, 23:43
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    A. $115,000

    Explanation:

    Given that

    Total asset = 140,000

    Net worth = 25000

    Recall that

    Net worth = Total asset - total liabilities

    Therefore,

    Total liabilities = Total asset - Networth

    Thus,

    Total liabilities = 140000 - 25000

    = $ 115,000

    Therefore, total liabilities = $115,000

    Note that, total liabilities is the total debt and financial obligations owed by a business to individuals or organizations during a specific period of time. The 2,200 is not useful in calculating because it's already accounted for in the 115,000.
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