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At the beginning of the year, Holly had a Net Worth of $80,000. As of January 2022, she set aside $1,300 per month from her paycheque for savings and borrowed $30,000 from her uncle that she must pay back in January 2023. She has a car worth

At the beginning of the year, Holly had a Net Worth of $80,000. As of January 2022, she set aside $1,300 per month from her paycheque for savings and borrowed $30,000 from her uncle that she must pay back in January 2023. She has a car worth

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the beginning of the year, Holly had a Net Worth of $80,000. As of January 2022, she set aside $1,300 per month from her paycheque for savings and borrowed $30,000 from her uncle that she must pay back in January 2023. She has a car worth $10,000 with a car loan of $3,000 at the end of the year. She is looking to buy a small condo valued at $130,000 but just can't find one in today's market (she knows she would have to get a mortgage of $100,000). What is Holly's Net Worth at the end of the year, December 2022. A. $217,400 B. $78,000 C. $117,400 D. $102,600 E. $67,400
Transcribed Image Text:At the beginning of the year, Holly had a Net Worth of $80,000. As of January 2022, she set aside $1,300 per month from her paycheque for savings and borrowed $30,000 from her uncle that she must pay back in January 2023. She has a car worth $10,000 with a car loan of $3,000 at the end of the year. She is looking to buy a small condo valued at $130,000 but just can't find one in today's market (she knows she would have to get a mortgage of $100,000). What is Holly's Net Worth at the end of the year, December 2022. A. $217,400 B. $78,000 C. $117,400 D. $102,600 E. $67,400
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