Jamie McFarland has determined that the value of her liquid assets is $4,500, the value of her real estate is $133,000, the value of her personal possessions is $61,000, and the value of her investment assets is $77,000. She has also determined the value of her current liabilities is $7,400 and the value of her long-term liabilities is $100,000. What is the total value of her assets?

$275,500

Explanation:

Assets are resources controlled by a person or an entity as a result of a past event, for which future economic benefits will flow to the person or entity. Assets includes cash and cash equivalents, investments, receivables, land, buildings, equipment, inventories etc.

For Jamie McFarland,

Total asset = $4,500 + $133,000 + $61,000 + $77,000

= $275,500

Explanation:

Assets is simply what add values to you and your business. Examples are:

• Cash

• Accounts receivable (money owing)

• Customer deposits

Office furniture and equipment

• Tools, machinery and equipment

• Real estate (buildings etc.)

• Investments that mature in less than 90 days (i.e. stocks, U.S. treasuries, bonds, mutual funds)

Intellectual property (i.e. know-how)

Brand equity (recognition)

• Copyright etc.

Given:

Liquid assets = $4500

Real estate = $133000

Personal possession = $61000

Investment = $77000

Long term liabilities = $100000

Current liabilities = $7400

Total assets = liquid assests + personal possession + investments + real estate

= $4,500 + 133,000 + 61,000 + 77,000

= $275,500

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