Ted riley owns a lexus worth $40,000. he owns a home worth $275,000. he has a checking account with $800 in it and a savings account with $1,900 in it. he has a mutual fund worth $110,000. his personal assets are worth $90,000. he still owes $25,000 on his car and $150,000 on his home, and he has a balance on his credit card of $1,600. what is ted's net worth?

Powell company began the 2018 accounting period with $40,000 cash, $86,000 inventory, $60,000 common stock, and $66,000 retained earnings. during 2018, powell experienced the following events: sold merchandise costing $58,000 for $99,500 on account to prentise furniture store. delivered the goods to prentise under terms fob destination. freight costs were $900 cash. received returned goods from prentise. the goods cost powell $4,000 and were sold to prentise for $5,900. granted prentise a $3,000 allowance for damaged goods that prentise agreed to keep. collected partial payment of $81,000 cash from accounts receivable. required record the events in a statements model shown below. prepare an income statement, a balance sheet, and a statement of cash flows. why would prentise agree to keep the damaged goods?