Mulkeen service company, inc., was incorporated by conor mulkeen and five other managers. the following activities occurred during the year: received $60,000 cash from the managers; each was issued 1,000 shares of common stock. purchased equipment for use in the business at a cost of $12,000; one-fourth was paid in cash and the company signed a note for the balance (due in six months). signed an agreement with a cleaning service to pay it $120 per week for cleaning the corporate offices, beginning next year. conor mulkeen borrowed $10,000 for personal use from a local bank, signing a one-year

net worth is the difference between what you own and what you have. if you exceed your liabilities you have a positive net worth. if your liabilities are greater than your assets you have a negative net worth. its a snapshot of your financial situation. if you calculate your net worth you will see the end result of everything you've earned and spent as of now. net worth statements and all you asked of can you determine where you are, how to get where you want to be, if your spending   to much. honestly it can tell you a lot of things. i can go on, but you can paint the picture from here.

explanation:

answernaturalistic observation;