Peter Chan Wants to Determine His Net Worth by Creating

question 61

Essay

Peter Chan wants to determine his net worth by creating a personal balance sheet that identifies his assets, liabilities, and net worth. After some review, Peter owns $1000 in cash, $3000 in chequing account, a car that is worth about $7000, and 200 common shares of ABC Ltd. with a market value $20 each. In addition, Peter also owes $2000 on his credit card and has a $2500 personal loan. Calculate Peter's net worth (showing details of calculation).

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Definitions:

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