Sonny and Cher have a net worth of $35,000 and total assets of $ 200,000. If their revolving credit and unpaid bills total $2,200, what are their long-term liabilities?

suchonosdy

suchonosdy

Answered question

2022-07-19

Sonny and Cher have a net worth of $35,000 and total assets of $ 200,000. If their revolving credit and unpaid bills total $2,200, what are their long-term liabilities?

Answer & Explanation

Brenton Gay

Brenton Gay

Beginner2022-07-20Added 13 answers

Formula for net worth = Total assets - Total liabilities
Given net worth =$35,000.
Total assets =$200,000.
Total liabilities = Long term debt+Current liabilities
$35,000 =$200,000 - (Long term debt+$2,200)
Long term debt = $ 200 , 000 $ 35 , 000 $ 2 , 200.
= $ 162 , 800.
Therefore, long term liabilities=$162,800.

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