An electric device delivers a current of [tex]$15.0 A$[/tex] for 30 seconds. How many electrons flow through it?
Answer (1)
Calculate total assets in 2007: A 2007 = 315000 + 10000 + 2000 = 327000 .
Calculate total liabilities in 2007: L 2007 = 265000 + 5000 = 270000 .
Calculate total assets in 2008: A 2008 = 325000 + 6000 = 331000 .
Calculate total liabilities in 2008: L 2008 = 240000 + 1000 + 1500 = 242500 . Assets increased and liabilities decreased. The answer is d .
Explanation
Problem Analysis Let's analyze the Chang family's assets and liabilities in 2007 and 2008 to determine whether they increased or decreased. We'll start by calculating the total assets and total liabilities for each year.
Calculating 2007 Assets and Liabilities In 2007, the Chang family's assets included a home valued at $315,000, a car valued at $10,000, and savings of $2,000. Therefore, their total assets in 2007 were: A 2007 = 315000 + 10000 + 2000 = 327000 Their liabilities in 2007 included a mortgage of $265,000 and a car loan of $5,000. Therefore, their total liabilities in 2007 were: L 2007 = 265000 + 5000 = 270000
Calculating 2008 Assets and Liabilities In 2008, the Chang family's assets included a home valued at $325,000 and a car valued at $6,000. Therefore, their total assets in 2008 were: A 2008 = 325000 + 6000 = 331000 Their liabilities in 2008 included a mortgage of $240,000, a car loan of $1,000, and credit card debt of $1,500. Therefore, their total liabilities in 2008 were: L 2008 = 240000 + 1000 + 1500 = 242500
Comparing Assets and Liabilities Now, let's compare the total assets and liabilities from 2007 to 2008. Assets: A 2007 = $327 , 000 and A 2008 = $331 , 000 . Since 327000"> 331000 > 327000 , assets increased from 2007 to 2008. Liabilities: L 2007 = $270 , 000 and L 2008 = $242 , 500 . Since 242500 < 270000 , liabilities decreased from 2007 to 2008.
Conclusion Based on our calculations, assets increased and liabilities decreased from 2007 to 2008. Therefore, the correct answer is: d. From 2007 to 2008, assets increased and liabilities decreased.
Examples
Understanding how assets and liabilities change over time is crucial for managing personal finances. For example, tracking these changes can help a family determine if they are improving their financial health. If a family's assets are increasing while their liabilities are decreasing, it indicates they are becoming more financially stable and building wealth. This knowledge can inform decisions about saving, investing, and managing debt, leading to better financial outcomes.
