categorization 1 point sort each of the following into \assets\ and liabilities\ assets no answers chosen…

categorization 1 point sort each of the following into \assets\ and liabilities\ assets no answers chosen liabilities no answers chosen possible answers mortgage home and cars checking and savings account balance credit card balance retirement account student and car loans

categorization 1 point sort each of the following into \assets\ and liabilities\ assets no answers chosen liabilities no answers chosen possible answers mortgage home and cars checking and savings account balance credit card balance retirement account student and car loans

Answer

Explanation:

Step1: Define assets

Assets are resources with economic value.

Step2: Identify asset items

Home and Cars, Checking and Savings Account Balance, Retirement Account are assets as they have value and can be used or converted to cash.

Step3: Define liabilities

Liabilities are obligations that require settlement.

Step4: Identify liability items

Mortgage, Credit Card Balance, Student and Car Loans are amounts owed, so they are liabilities.

Answer:

Assets: Home and Cars, Checking and Savings Account Balance, Retirement Account Liabilities: Mortgage, Credit Card Balance, Student and Car Loans