1. Assuming you own a home, where would the appraisal value of your home go in a personal balance sheet?
1. Assuming you own a home, where would the appraisal value of your home go in a personal balance sheet? A. Under liabilities
B. Within the equity total
?C. Under assets
D. Under both the equity and the liabilities sections
C for assets. If there was a mortgage on the home, the mtg balance would show up under liabilities.
The appraised value goes in as an asset with the outstanding mortgage or land contract (if any) listed on the balance sheet as a liability. This is how you come up with the net equity in the residence; Market value - mortgage balance = net equity.
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