Mike and mary jane lee have a yearly income of $84 comma 715 and own a house worth $123 comma 700, two cars worth a total of $ 23 comma 157 and furniture worth $13 comma 825. the house has a mortgage of $66 comma 250 and the cars have outstanding loans of $2 comma 793 each. utility bills, totaling $215 for this month, have not been paid. calculate or use worksheet 4 to determine their net worth and explain what it means. how would the lees' age affect your assessment of their net worth?

Net worth: $88,631

Lee's age has no effect on Net worth Assessment.

Explanation:

Question 1: Using calculation, determine mike and Jane lee's net worth

The formula for net worth = Total Asses - Total Liabilities

Particulars                        Amount

Assets

House                             $123,700

Cars                                  $23,157

Furniture                           $13,825

Total Assets                     $160,682

Liabilities

Utility Bills                        $215

Housing Loans                $66,250

Car loans (2,793 x 2)       $5,586

Total Liabilities                 $72,051

Net worth = $160,682- $72,051 = $88,631

The meaning of the net worth is that even if Mike and Mary Jane decides to sell all assets and pay off all obligations, they will still have $88,631 as cash for themselves

B part) Lee's age has no effect on the assessment of the net worth, it is not required for any part of the computation.

answer; limited pay life;