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(a) Corey has a mountain bike worth $300, a credit card debt of $150, $200 in cash, a Sandy Koufax baseball card worth $400, $1,200 in a checking account, and an electric due for $250. Construct Corey’s balance sheet and calculate his net worth. For each remaining part, explain how the event affects Corey’s assets, liabilities and wealth. net worth = 300+400+200+1200 +150-250(dues)= $2000 (b) Corey goes to a baseball card convention and finds out that his baseball card is a worthless forgery. (c) Corey uses $150 from his paycheck to pay off his credit card balance. The remainder of his earnings is spent. (d) Corey writes a $150 check on his checking account to pay off his credit card balance. Of the events in the previous three parts, which, if any, corresponds to saving on Corey’s part?
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