The following are the assets of Hanson Family:
Ownership of a home ($175,000)
Value of retirement savings ($92,000)
Ownership of 2 automobiles ($23,000)
Value of home furnishings ($3,800)
Worth of jewelry and other valuables ($5,000)
Checking account balance ($3,200)
Savings account balance ($8,800)
Value of stocks and investments ($12,400)
Total assets is $323,200
Assets are those items which would give a probable inflow to
the Hanson Family.
The liabilities are the following:
Credit card debt ($200)
Home mortgage ($120,000)
Automobile loan debt ($8,500)
Student Loans ($11,000)
Total liabilities is $139,700
Liabilities are those items which would give a probable
outflow to the Hanson Family.
