Rosetta listed her assets and liabilities on a personal balance sheet. Rosetta’s Balance Sheet (April 2013) Assets Liabilities cash $900 credit card $4,000 investments $1,100 student loan $2,000 house $150,000 mortgage $100,000 car $8,000 car loan $5,000 Total Total If Rosetta sells her house and pays off the mortgage, how much should she receive (assuming there are no other costs associated with selling the house)?
Rosetta receives the house’s sale price minus the mortgage she still owes: $150,000 − $100,000 = $50,000. The other assets and liabilities do not affect the amount left from selling the house and paying off its mortgage. The correct choice is $50,000.
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