question 1 out of 2 sonny and cher have a net worth of $35,000 and total assets of $200,000. if their…

question 1 out of 2 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? type your answer here submit 0 / 2 questions correct start over

question 1 out of 2 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? type your answer here submit 0 / 2 questions correct start over

Answer

Explanation:

Step1: Recall net - worth formula

Net worth = Total assets - Total liabilities. So, Total liabilities = Total assets - Net worth. Total liabilities = $200000 - 35000=165000$.

Step2: Calculate long - term liabilities

Total liabilities consist of short - term (revolving credit and unpaid bills) and long - term liabilities. Let long - term liabilities be $x$. Then $165000=x + 2200$. Solve for $x$: $x=165000 - 2200$. $x = 162800$.

Answer:

$162800$