Tom and Carol Jackson have asked for your help in preparing a personal balance sheet....
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Accounting
Tom and Carol Jackson have asked for your help in preparing a personal balance sheet. They have listed the following assets and liabilities: current value of home, $145,000; audio/video equipment, $1,340; automobiles, $17,600; personal property, $4,350; computer, $3,700; mutual funds, $26,700; 401(k) retirement plan, $53,680; jewelry, $4,800; certificates of deposit, $19,300; stock investments, $24,280; furniture and other household goods, $8,600; balance on Walmart and Sears charge accounts, $4,868; automobile loan balance, $8,840; home mortgage balance, $106,270; Visa and MasterCard balances, $4,215; savings account balance, $3,700; Carol's night school tuition loan balance, $2,750; checking account balance, $1,385; signature loan balance, $6,350.
total assets (in $)
$
total liabilities (in $)
$
net worth (in $)
$
Explain the importance of the personal balance sheet. How often should this information be updated?
Answer & Explanation
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