Ask Question
BusinessBusiness
11 September, 16:32

Julio has a house worth $220,000. He has a $175,000 mortgage. Julio says that in this situation, his asset is really only $45,000. Which statement explains whether Julio is correct?

+1
Answers (1)
  1. 11 September, 19:49
    0
    Julio is right because the $45,000 equity in the house is the real asset.

    Explanation:

    The asset is a resource own by a person or organization that has an economic value. When you are determining the value of your asset, you need to consider if you have a loan on them, as this is a liability that has to be subtracted from the value to get the net worth. So, according to this, Julio is correct because his house has a value of $220,000 but he has a mortgage of $175,000 and when it is subtracted, his asset is $45,000.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Julio has a house worth $220,000. He has a $175,000 mortgage. Julio says that in this situation, his asset is really only $45,000. Which ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Suppose you, player a, player b are in a tennis tournament. player a has a better chance of beating you than player b does. if you would like to maximize your chance of winning two games in a row, which sequence would you prefer, aba or bab?
Answers (1)
During the year, Belyk Paving Co. had sales of $2,396,000. Cost of goods sold, administrative and selling expenses, and depreciation expense were $1,429,000, $435,400, and $490,400, respectively.
Answers (1)
True of False? Some magazines contain in-depth articles, which may be good sources for research papers.
Answers (1)
What statement is most accurate in describing the trend in manufacturing in the United States?
Answers (2)
Which of the following contract subject matters would not be covered under the UCC? a. a contract for the sale of a mobile home from the manufacturer b. a contract for the sale of a mobile home from a previous owner c.
Answers (1)
New Questions in Business
A nation has a workforce of 500 workers. In every month, 10 workers leave jobs, and 10 different workers tind jobs However, there are also 20 workers who lack the skills to be employed, and thus remain unemployed throughout the year There is no
Answers (2)
In the late 1800s, workers tolerated poor wages and working conditions because they a. thought that the government would protect them. b. believed it had to get worse before it got better. c. could be replaced easily by other workers. d.
Answers (1)
Susan is a 5th grade teacher and loves getting up every day and going to work to teach her students. This is an example of extrinsic value interest intrinsic value external value
Answers (1)
Imagine that you are a manager facing the problem of not attracting enough high-quality personnel to your organization. Would you attempt to solve this problem alone or by committee? Explain your reasoning.
Answers (1)
Explain the difference between traditional subsistence agriculture, traditional intensive agriculture, and industrial agriculture (mechanized agriculture). when is each system favored?
Answers (1)
Home » Business » Julio has a house worth $220,000. He has a $175,000 mortgage. Julio says that in this situation, his asset is really only $45,000. Which statement explains whether Julio is correct?
Sign Up Forgot Password?