Corey has a mountain bike worth 350. a credit card debt of 200, 210 in cash, a Sandy Koufax baseball card worth 500, 1,250 in a checking account.and an electric bill due for 300. a. Construct Corey's balance sheet and calculate his net worth. Instructions: Enter your responses as whole numbers. Corey's net worth: For parts b through d, explain how the event affects Corey's assets liabilities, and wealth. b. Corey goes to a baseball card convention and finds out that his baseball card is a worthless forgery. Instructions: Enter your responses as integer values. Assets square and equal square Liabilities square and equal Wealth square and equals c. Corey uses 200 from his paycheck to pay off his credit card balance. The remainder of his paycheck is spent in a way that does not impact his balance sheet. Instructions: Enter your responses as integer values. Assets square and equal square Liabilities square ) and equal Wealth square and equals d. Corey writes a 200 check on his checking account to pay off his credit card balance. Instructions: Enter your responses as integer values. Assets square and equal Liabilities square and equal Wealth square and equals Of the events in the previous three parts, which if any, corresponds to saving on Corey's part? Part square corresponds to saving

Question

Corey has a mountain bike worth 350. a credit card debt of 200, 210 in cash, a Sandy Koufax baseball card worth 500, 1,250 in a checking account.and an electric bill due for 300. a. Construct Corey's balance sheet and calculate his net worth. Instructions: Enter your responses as whole numbers. Corey's net worth: For parts b through d, explain how the event affects Corey's assets liabilities, and wealth. b. Corey goes to a baseball card convention and finds out that his baseball card is a worthless forgery. Instructions: Enter your responses as integer values. Assets square and equal square Liabilities square and equal Wealth square and equals c. Corey uses 200 from his paycheck to pay off his credit card balance. The remainder of his paycheck is spent in a way that does not impact his balance sheet. Instructions: Enter your responses as integer values. Assets square and equal square Liabilities square ) and equal Wealth square and equals d. Corey writes a 200 check on his checking account to pay off his credit card balance. Instructions: Enter your responses as integer values. Assets square and equal Liabilities square and equal Wealth square and equals Of the events in the previous three parts, which if any, corresponds to saving on Corey's part? Part square corresponds to saving

Answer 1

Let's go through each part step by step.### a. Construct Corey's balance sheet and calculate his net worth.**Assets:**- Mountain bike: \

210- Sandy Koufax baseball card: \

1,250Total Assets = \

210 + \

1,250 = \

200- Electric bill: \

200 + \

500**Net Worth:**Net Worth = Total Assets - Total Liabilities = \

500 = \

**1,810**### b. Corey finds out that his baseball card is a worthless forgery.**Effect on Assets:**- The value of the baseball card goes from \

0.New Total Assets = \

500 = \

500.**Effect on Wealth (Net Worth):**Net Worth = New Total Assets - Liabilities = \

500 = \

500 and equal \

**500** Wealth decreases by \

**1,310**### c. Corey uses \

1,810.**Effect on Liabilities:**- Credit card debt is paid off, reducing liabilities by \

500 - \

300**Effect on Wealth (Net Worth):**Net Worth = Assets - New Liabilities = \

300 = \

**1,810** Liabilities decrease by \

**300** Wealth increases by \

**1,510**### d. Corey writes a \

200.New Total Assets = \

200 = \

200.New Liabilities = \

200 = \

1,610 - \

1,510Assets decrease by \

**1,610** Liabilities decrease by \

**100** Wealth remains unchanged and equals \$ **1,510**### Of the events in the previous three parts, which, if any, corresponds to saving on Corey's part?Part **c** corresponds to saving because Corey used his paycheck to reduce his liabilities without affecting his assets, effectively increasing his net worth.

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