Attention: Due to a bug in Google Chrome, this page may not function correctly. Click here to learn more. 2. The balance sheet equation and assets Preparing a personal balance or statement of financial position helps get a handle on your financial well-being. A balance sheet has th balance sheet equation by selecting the correct term for each piece of the formula. parts that, when taken together, summarize your financial picture. Complete the following ree (Total Assets) (Total Liabilities) (Net Worth) The items you own, or your financed with debt. A useful way to group assets is on the basis of their underlying categories: liquid assets investments, real property, and personal property are classified regardless of whether they were purchased for cash or Choose the correct category for each asset in the fallowing table Liquid Assets Investments Property Property Real Personal Fence around your property Your Lexus automobile Stock Diamond earrings The land your home sits on Cash Pension A mutual fund maturing within the year is you gether asset information, it is important to identify and record all assets. Regardles of asset category, all assets listed on the balance sheet should be recorded at Choose the correct category for each asset in the following table. Real Personal Liquid Assets Investments Property Property Fence around your property Your Lexus automobile Stock Diamond earrings The land your home sits on Cash Pension A mutual fund maturing within the year As you gether asset information, it is important to identify and record all assets. Regardless of asset category, all assets listed on the balance sheet should be recorded at You are calculating your net worth, and you have determined that your assets total $140,000, and your liabilities total $75,000. Your net worth is therefore Graded Save &continu Continue without saving