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Case Study #1 Answers

The balance sheet for Steve and Mary Jo should look like this:

               

Assets    
  Primary Residence    $150,000
  Monetary Assets  $5,000
  Automobiles  $20,000
  Furniture   $10,000

 

Total Assets

 

 

$185,000

Liabilities    
  Current Bills      $1,150
  First Mortgage $100,000
  College Loan $10,000
  Automobiles (2 x $10,000) $20,000

 

Total Liabilities

 

 

$131,150

Net Worth (Assets–Liabilities)   $53,850

 

Generally, they are doing OK. While they have a positive net worth, most of that value is from equity of their home.

 



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