To find the net worth of the surf shop, follow these steps:
1. List all given liabilities:
- Building Mortgage: \[tex]$100,650
- Other Debt: \$[/tex]45,780
- Small Business Loan: \[tex]$22,698
- Long Term Liabilities: \$[/tex]35,000
2. Calculate the total liabilities:
[tex]\[
\text{Total Liabilities} = \$100,650 + \$45,780 + \$22,698 + \$35,000 = \$204,128
\][/tex]
3. List all given assets:
- Accounts Receivable: \[tex]$11,261
- Initial Property Value: \$[/tex]181,975 (before the increase)
- Long Term Investments: \[tex]$138,000
- Owned Inventory: \$[/tex]32,990
- Cash: \[tex]$219,783
- Savings Account: \$[/tex]148,321
- Owned Equipment: \[tex]$35,872
4. Update the property value with the increase of \$[/tex]20,000:
[tex]\[
\text{Updated Property Value} = \$181,975 + \$20,000 = \$201,975
\][/tex]
5. Calculate the total assets:
[tex]\[
\text{Total Assets} = \$11,261 + \$201,975 + \$138,000 + \$32,990 + \$219,783 + \$148,321 + \$35,872 = \$788,202
\][/tex]
6. Calculate the net worth:
[tex]\[
\text{Net Worth} = \text{Total Assets} - \text{Total Liabilities} = \$788,202 - \$204,128 = \$584,074
\][/tex]
Hence, the net worth of the surf shop is \[tex]$584,074. Therefore, the correct answer is:
\[
\$[/tex]584,074
\]
