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Question:
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
Answers:
Submitted: 1609 days ago
C for assets. If there was a mortgage on the home, the mtg balance would show up under liabilities.
Answer
1/2
hirebookke eper
1/2
Submitted: 1609 days ago
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.
Answer
2/2
Michele L
2/2
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