The following table shows the assets and liabilities of the Chang family in 2007 and 2008.

2007
2008
home valued at $315,000
home valued at $325,000
mortgage of $265,000
mortgage of $240,000
car valued at $10,000
car valued at $6,000
car loan of $5,000
car loan of $1,000
savings of $2,000
credit card debt of $1,500

Based on the table, which of the following is true?
a.
From 2007 to 2008, both assets and liabilities decreased.
b.
From 2007 to 2008, both assets and liabilities increased.
c.
From 2007 to 2008, assets decreased and liabilities increased.
d.
From 2007 to 2008, assets increased and liabilities decreased.

Please select the best answer from the choices provided

A
B
C
D

Question

06-10-2021
Business

Answered

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The following table shows the assets and liabilities of the Chang family in 2007 and 2008.

2007
2008
home valued at $315,000
home valued at $325,000
mortgage of $265,000
mortgage of $240,000
car valued at $10,000
car valued at $6,000
car loan of $5,000
car loan of $1,000
savings of $2,000
credit card debt of $1,500

Based on the table, which of the following is true?
a.
From 2007 to 2008, both assets and liabilities decreased.
b.
From 2007 to 2008, both assets and liabilities increased.
c.
From 2007 to 2008, assets decreased and liabilities increased.
d.
From 2007 to 2008, assets increased and liabilities decreased.

Please select the best answer from the choices provided

A
B
C
D

Sagot :

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Jjodlaskidn Jjodlaskidn · Answer 1 · 2021-10-06T09:55:59-04:00

Answer:

d

Liabilities are what someone owes and assets are what someone owns and is worth something. The house is an asset and the car loan is a liability. According to the numbers provided the assets have an increase of $6,000 with +10,000 from the house and -4,000 from the car. And liabilities had a decrease of $25,500 with a -$29,000 from mortgage and car loans and a +3,500 from the savings account and debt. So assets increase and liabilities decrease.

Sagot :

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