Contemporary Mathematics for Business and Consumers
7th Edition
ISBN: 9781285189758
Author: Robert Brechner, George Bergeman
Publisher: Cengage Learning
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Textbook Question
Chapter 1.II, Problem 31RE
A personal balance sheet is the financial picture of how much "wealth” you have accumulated as of a certain date. It specifically lists your assets (i.e., what you own) and your liabilities (i.e., what you owe). Your current net worth is the difference between the assets and the liabilities.
Net worth = Assets - Liabilities
Tom and Carol Jackson have asked for your help in preparing a personal balance sheet. They have listed the following assets and liabilities: current value of home, $144,000; audio/video equipment. $1,340; automobiles. $17,500; personal property. $4,350; computer. $3,700; mutual funds. $26,700; 401 (k) retirement plan. $53,680; jewelry. $4,800; certificates of deposit. $19,300; stock investments. $24,280; furniture and other household goods. $8,600; balance on Wal-Mart and Sears charge accounts. $4,868; automobile loan balance. $8,840; home mortgage balance. $106,770; Visa and MasterCard balances. $4,211; savings account balance. $3,700; Carol's night school tuition loan balance. $2,750; checking account balance. $1,385; signature loan balance. $6,350.
Use the data provided and the personal balance sheet on page 14 to calculate the following for the Jacksons.
a. Total assets
b. Total liabilities
c. Net worth
d. Explain the importance of the personal balance sheet. How often should this information be updated?
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Chapter 1 Solutions
Contemporary Mathematics for Business and Consumers
Ch. 1.I - Read and write the following whole numbers in...Ch. 1.I - Round the following numbers to the indicated...Ch. 1.I - Read and write the following whole numbers in...Ch. 1.I - Read and write the following whole numbers in...Ch. 1.I - Read and write the following whole numbers in...Ch. 1.I - Read and write the following whole numbers in...Ch. 1.I - Read and write the following whole numbers in...Ch. 1.I - Read and write the following whole numbers in...Ch. 1.I - Write the following whole numbers in numerical...Ch. 1.I - Write the following whole numbers in numerical...
Ch. 1.I - Write the following whole numbers in numerical...Ch. 1.I - Match the following numbers in word form with the...Ch. 1.I - Match the following numbers in word form with the...Ch. 1.I - Match the following numbers in word form with the...Ch. 1.I - Match the following numbers in word form with the...Ch. 1.I - Match the following numbers in word form with the...Ch. 1.I - Round the following numbers to the indicated...Ch. 1.I - Round the following numbers to the indicated...Ch. 1.I - Round the following numbers to the indicated...Ch. 1.I - Round the following numbers to the indicated...Ch. 1.I - Round the following numbers to the indicated...Ch. 1.I - Prob. 20RECh. 1.I - Round the following numbers to the indicated...Ch. 1.I - Round the following numbers to the indicated...Ch. 1.I - 23. According to the American Wind Energy...Ch. 1.I - According to the Financial Times, in a recent...Ch. 1.II - Add the following sets of whole numbers and verify...Ch. 1.II - Prob. 4TIECh. 1.II - Prob. 1RECh. 1.II - Prob. 2RECh. 1.II - Prob. 3RECh. 1.II - Prob. 4RECh. 1.II - Prob. 5RECh. 1.II - 2,339+118+3,650+8,770+81+6=Ch. 1.II - Prob. 7RECh. 1.II - Prob. 8RECh. 1.II - Prob. 9RECh. 1.II - Estimate the following by rounding each number all...Ch. 1.II - Prob. 11RECh. 1.II - Prob. 12RECh. 1.II - Prob. 13RECh. 1.II - At Cherry Valley Farms, a farmer plants 350 acres...Ch. 1.II - Prob. 15RECh. 1.II - Prob. 16RECh. 1.II - Prob. 17RECh. 1.II - Prob. 18RECh. 1.II - Prob. 19RECh. 1.II - Prob. 20RECh. 1.II - Prob. 21RECh. 1.II - Prob. 22RECh. 1.II - Prob. 23RECh. 1.II - Subtract the following numbers.
24. Subtract 5,868...Ch. 1.II - Subtract the following numbers.
25. Subtract...Ch. 1.II - The beginning inventory of the Designer Shoe Salon...Ch. 1.II - Prob. 27RECh. 1.II - 28. Use the U.S Postal Service Mail Volume graph...Ch. 1.II - Prob. 29RECh. 1.II - An Allied Vans Lines moving truck picks up loads...Ch. 1.II - A personal balance sheet is the financial picture...Ch. 1.III - Multiply the following numbers and verify your...Ch. 1.III - Divide the following numbers and verify your...Ch. 1.III - Prob. 1RECh. 1.III - Multiply the following numbers and verify your...Ch. 1.III - Prob. 3RECh. 1.III - Prob. 4RECh. 1.III - Prob. 5RECh. 1.III - Prob. 6RECh. 1.III - Prob. 7RECh. 1.III - Prob. 8RECh. 1.III - Prob. 9RECh. 1.III - Prob. 10RECh. 1.III - Prob. 11RECh. 1.III - Dazzling Designs made custom drapery for a client...Ch. 1.III - Prob. 13RECh. 1.III - There are 34 stairs from bottom to top in each of...Ch. 1.III - Prob. 15RECh. 1.III - 16. Bob Powers, a consulting electrical engineer,...Ch. 1.III - Prob. 17RECh. 1.III - Prob. 18RECh. 1.III - Prob. 19RECh. 1.III - Prob. 20RECh. 1.III - Prob. 21RECh. 1.III - Prob. 22RECh. 1.III - Prob. 23RECh. 1.III - Tip-Top Roofing has 50,640 square feet of roofing...Ch. 1.III - 25. A calculator uses eight circuit boards, each...Ch. 1.III - 26. Eric Shotwell borrows $24,600 from the...Ch. 1.III - A 16-person college basketball team is going to a...Ch. 1.III - You have just purchased a 65-acre ranch for a...Ch. 1.III - As the IT manager for FastNet Enterprises, you...Ch. 1.III - 30. You are the owner of Decorama Flooring. Todd...Ch. 1 - 1. The number system most widely used in the world...Ch. 1 - Prob. 2CRCh. 1 - Prob. 3CRCh. 1 - Prob. 4CRCh. 1 - Prob. 5CRCh. 1 - Rounding all the way is a process of rounding...Ch. 1 - Prob. 7CRCh. 1 - 8. When performing addition, we write the addends...Ch. 1 - 9. The mathematical process of taking away, or...Ch. 1 - Prob. 10CRCh. 1 - Prob. 11CRCh. 1 - Prob. 12CRCh. 1 - Prob. 13CRCh. 1 - 14. Show four ways to express 15 divided by 5....Ch. 1 - Read and write the following whole numbers in...Ch. 1 - Read and write the following whole numbers in...Ch. 1 - Prob. 3ATCh. 1 - Prob. 4ATCh. 1 - Round the following numbers to the indicated...Ch. 1 - Round the following numbers to the indicated...Ch. 1 - Prob. 7ATCh. 1 - Prob. 8ATCh. 1 - Prob. 9ATCh. 1 - Prob. 10ATCh. 1 - Prob. 11ATCh. 1 - Prob. 12ATCh. 1 - Prob. 13ATCh. 1 - Prob. 14ATCh. 1 - Prob. 15ATCh. 1 - The following chart shows the number of meals...Ch. 1 - Prob. 17ATCh. 1 - 18. The stadium parking lot at Fairview College...Ch. 1 - Prob. 19ATCh. 1 - Facebook reported that for one three-month period,...Ch. 1 - You are in charge of organizing the annual...Ch. 1 - Prob. 22ATCh. 1 - Prob. 23ATCh. 1 - A banana nut bread recipe calls for 2 cups of...Ch. 1 - Brian Hickman bought 2,000 shares of stock at $62...Ch. 1 - 26. The Canmore Mining Company produces 40 tons of...Ch. 1 - Prob. 27ATCh. 1 - The Iberia Corporation purchased a new warehouse...Ch. 1 - A flatbed railroad car weighs 150 tons empty and...Ch. 1 - The Spring Creek Police Department has been asked...Ch. 1 - Prob. 31ATCh. 1 - John Rock has narrowed down his selection of a new...Ch. 1 - Prob. 33AT
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