1. Balance Sheet Identity. David Allen would like to better understand where he stands financially. He has total assets of 175,000 and total liabilities of 95,000. What is David’s net worth? 2. Income...

1. Balance Sheet Identity. David Allen would like to better understand where he stands financially. He has total assets of
175,000 and total liabilities of
95,000. What is David’s net worth?

2. Income & Expenditures Identity. Ashley Warren earned
48,500 last year while paying
12,000 in housing expenses,
2,400 on utilities2,000 on food15,000 in miscellaneous expenses, and
7,663 in taxes. What cash surplus or deficit did Ashley earn last year?