1. The family's total assets = $148,700.
2. The family's total liabilities = $155,500.
3. The family's net worth is ($6,800), which is $148,700 - $155,500.
<h3>What is the family's net worth?</h3>
The family's net worth is the excess of its total assets minus its total liabilities.
The net worth can be <u>positiv</u>e or <u>negative</u>. It is <u>negativ</u>e when the total liabilities exceed the total assets.
<h3>Data and Calculations:</h3>
Assets Liabilities
House on mortgage $89,000 $80,000
Car on auto loan 15,000 15,000
Minivan on auto loan 20,000 16,000
Furnishings 5,000 4,500
Retirement account 15,000
Emergency savings 1,500
Savings 1,000
Checking account 500
CD 1,500
Cash 200
Credit cards 15,000
School loan 25,000
Total $148,700 $155,500
4. Thus, the expenses that would not fall on the balance sheet are:
- Payment for school loans of $500 per month
- Pre-Kindergarten tuition of $350 per month
- Payment for soccer teams of $100 per month.
Learn more about computing net worth at brainly.com/question/12371230
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