Mr. Farmer has cash in the bank of $4,000. He owns a farm house he paid $1,000,000 for, and has a loan of $500,000 on the property. He owns a truck that he paid $60,000 for, and has an auto loan of $15,000. He also owns $50,000 in home furnishings, tools and misc jewelry and art. List the assets and liabilities and calculate the equity for Mr. Farmer.

Answer rating: 100% (QA)

Mr Farmers Balance Sheet Assets Cash 4000 Farm house 1000000 We ... View the full answer