QuestionCalculate total liquid assets ( $2600 + 780 + 87400$ ) and total current liabilities ( $262 + 489$ ).

Studdy Solution

STEP 1

Assumptions1. Liquid assets are those that can be converted into cash quickly. In this case, they include the money market account and the checking account. . Current liabilities are debts or obligations that are due within one year. In this case, they include medical bills and the credit card balance.

STEP 2

First, we need to calculate the total liquid assets. We can do this by adding the amounts in the money market account and the checking account.
$Total\, liquid\, assets = Money\, market\, account + Checking\, account$

STEP 3

Now, plug in the given values for the money market account and the checking account to calculate the total liquid assets.
$Total\, liquid\, assets = \$2,600 + \$780$

STEP 4

Calculate the total liquid assets.
$Total\, liquid\, assets = \$2,600 + \$780 = \$3,380$

STEP 5

Next, we need to calculate the total current liabilities. We can do this by adding the amounts of the medical bills and the credit card balance.
$Total\, current\, liabilities = Medical\, bills + Credit\, card\, balance$

STEP 6

Now, plug in the given values for the medical bills and the credit card balance to calculate the total current liabilities.
$Total\, current\, liabilities = \$262 + \$489$

STEP 7

Calculate the total current liabilities.
$Total\, current\, liabilities = \$262 + \$489 = \$751$ The total liquid assets is $3,380 and the total current liabilities is$ 751.

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