Troy Abraham had the following assets and liabilities as of October 1, 2019. Assets Liabilities Cash $6,500 Automobile $8,700House $165,000  Contents of Home $6,400 Prepaid Insurance $1,700 Unpaid Accounts $2,100 Credit Card $900 Mortgage $99,000 Total $188,300 $102,000 Do not enter dollar signs or commas in the input boxes.

 a) What is Troy's opening net worth on October 1? $Answer

 b) The following activities occurred during the month of October. Paid $630 against the principal portion of credit card debt Received $2,500 in salary Paid $840 cash towards unpaid accounts Paid $190 cash for expenses Charged $1,140 in various expenses to the credit card Recognized prepaid insurance for one month worth $150  Received a $680 cash gift from the family 

What is Troy's closing net worth after recording the above transactions? $Answer

Answer rating: 100% (QA)

a To calculate Troys opening net worth on October 1 we subtract his total ... View the full answer