homework help with financial aid

Question

Last year Liam Brown calculated his net worth.
Consider Liam Brown's current situation as listed below.
This year, Liam saw an increase of $34,800 in his net worth from last year.

What reasons do you think account for the increase in his net worth?

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Liam Brown is single, in his mid-twenties, and owns a condo in a big city. He has calculated the following assets and liabilities.

Assets
Current value of condo: $580,000
Current value of car (listed in Kelley Blue Book): $17,000
Balance in checking account: $980
Combined balance in all savings accounts: $22,500
Current balance in retirement account: $24,800
Current value of computer: $2,900
Current value of collector bass guitar: $6,700
Current value of stocks/bonds: $18,300

Liabilities
Remaining balance owed on home mortgage: $380,000
Remaining balance owed on student loans: $51,000
Combined credit card debt: $1,600

Answer 1

Assume:

Condo appreciated in market value, retirement funds, savings, checking, stocks, bonds appreciated in value, then add the listed market value of personal property. 

Assume:

Current and long term liabilities decreased.

Assume:

The result is a $34,800 increase in net worth. 

 

Liam's balance sheet for last year is required to confirm without using assumptions.