Ted riley owns a lexus worth $44,500. he owns a home worth $395,000. he has a checking account with $600 in it and a savings account with $3,900 in it. he has a mutual fund worth $119,000. his personal assets are worth $99,000. he still owes $22,700 on his car and $237,000 on his home, and he has a balance on his credit card of $3,600. what is ted’s net worth

The Ted's net worth is $398,700

Explanation:

The net worth is also known as equity. It is a difference between total assets minus total liabilities.

Here, we use the accounting equation which is equals to

Total assets = Total liabilities + total equity

where,

Total assets = Lexus worth + home worth + checking account + saving account + mutual funds + personal assets

= $44,500 + $395,000 + $600 + $3,900 + $119,000 + $99,000

= $662,000

And, the total liabilities = Car loan + Home loan + credit card balance

                                      = $22,700 + $237,000 + $3,600

                                      = $263,300

So, the net worth would be equal to

= $662,000 - $263,300

= $398,700

Hence, the Ted's net worth is $398,700

engine assembler, survey reasearcher, auditor

answer$22,000 ;