Max has the following assets and liabilities as of December 31, 2020. However, he is uncertain about
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Question:
Max has the following assets and liabilities as of December 31, 2020. However, he is uncertain about his Net Worth positions.
Residence | RM |
| 168,000 |
| 150,000 |
| 87,000 |
| 182,000 |
Automobile #1 | |
| 45,000 |
| 23,500 |
Automobile #2 | |
| 48,500 |
| 38,500 |
| 14,500 |
| 12,000 |
Current account balance | 3,000 |
Certificate of deposit | |
| 6,000 |
| 5,700 |
Growth stock mutual fund | |
| 27,500 |
Personal property | |
| 31,000 |
| 13,100 |
Required:
- Determine Max’s Nex Worth position by constructing a Net worth statement.
- Discuss Max’s Debt to Asset ratio against the minimum acceptable rate.
Expert Answer:
NET WORTH STATEMENT Particulars AmountRM Residence FMV 182000 Automobile 1 FMV ... View the full answer
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