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Phil paid $75,000 for his house. It is insured for $65,000. The market value is $85,000. The outstanding mortgage balance is $68,000, and he has to pay annual real estate taxes of $2,000. When Phil lists his house on his balance sheet, he should record: Group of answer choices $75,000 $68,000 $65,000 $70,000 $85,000

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anthougo

When Phil lists his house on his balance sheet, he should record D. $85,000.

What is the value of an asset on the personal balance sheet?

Since Phil is not a business entity, he should use the market value of the house to record it on the balance sheet.

The balance sheet shows the current financial position (assets and liabilities) at a point.

Data and Calculations:

House price = $75,000

Insurance = $65,000

Market value = $85,000

Outstanding mortgage balance = $68,000

Annual real estate taxes = $2,000

Thus, when Phil lists his house on his balance sheet, he should record D. $85,000.

Learn more about the personal balance sheet at https://brainly.com/question/7098917

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