Question

What are They Worth? Learning objective: create and analyze a household's balance sheet. The Johnsons The Johnson household has compiled the following financial information. They live in a house that has lost some of its market value due to zoning changes nearby; the best estimate for their house's worth is $150,000. While the Johnsons still owe $160,000 on their mortgage, they make payments of $1,200 each month. Groceries cost the family approximately $1,000 per month. The Johnsons also have a car (valued at $9,000; with loan balance of $10,870, monthly payments of $297), an SUV (valued at $15,900 with loan balance of $20,560, monthly payments of $498), and a boat (valued at $500, with loan balance of $2,210; monthly payments of $153). They have roughly $5,000 of furniture that includes mattresses, a couch, beds, an entertainment center, and several other ite items). Mr. Johnson is an avid baseball fan and has a card collection worth $1,400. Their credit card debt totals $15,000 with monthly payments of $485. To fund their higher education, the Johnsons took out some student loans that total $37,850 with payments of $276 per month. Allegedly, they also have a treasure map valued at $699.On average, the Johnson's checking account has $2,000, and their savings ms (they still owe about $1,670 on these account has $3,700. Their combined retirement accounts have $21,009. Using the information above create their personal balance sheet in the space provided below Liabilities Item Assets Amount Item Amount Total Assets: Total Liabilities: Net Worth:

Please and thank you

Please list them out

Answer 1

Answer:

Liabilities Assets Item Checking account Saving account Investment -Retirement account$21,009Student Loarn House Car SUV Boat Furniture Card collections Treasure Map Amount Item Amount $2,000Credit card debt $3,700 $15,000 $37,850 $160,000 $10,870 $20,560 $2,210 $1,670 150,000 Mortgage Loan 9,000Car loarn 15,900Loan on USV $500 Loan on Boat $5,000Loan on furniture $1,400 $699 Total Assets $209,208 Total Liabilities $248,160 Net Worth $38,952