Balance sheet should follow the normal format (assets on the left side, liabilities and equity on the right, etc.). For your personal balance sheet, if you don’t yet have big assets such as ‘house’ or ‘stock portfolio’, you can include less valuable assets, such as ‘clothing’, ‘books’, ‘cooking utensils’, etc. Similarly, if you don’t have many large debts such as ‘mortgage, car loan, or student loan’, you can put something like ‘loan for food’ if a friend gave you $10 to help you buy groceries or dinner.

Because we are looking to get a conservative estimate of equity (or in this case liquid net-worth), put the liquidation value of all your assets. For example: a textbook you recently bought for $200 could probably be sold for $120 if you looked long and hard enough for a buyer. However, if you had to sell them immediately to someone who bought textbooks, you could probably only sell it for $50. Therefore, you should mark the value of the textbook at $50. Liabilities on the other hand will always be marked at their full value.

Please construct a balance sheet with the following: (Have two columns for assets: a face value column and a true value column)

$1500 in the bank
$1000 in cash
Owes Bob $500
Bought a $200,000 house; took out a $150,000 mortgage to buy it, but has since paid off $50,000 of the principle of the mortgage.

Has collection of basketball cards. If all the cards were bought individually from a dealer, the cards would have a value of $10,000.

Has a student loan debt with a current balance outstanding of $110,000
Loaned Jessica $500. Jessica is a pretty reliable person and will probably pay back quickly.
Loaned Nathan $1000. Nathan is very unreliable, and currently doesn’t have the money to pay this debt even if he wanted to.

Has a stock portfolio with a current market value equal to $50,000.
Has 16 ounces of gold hidden in basement.
Bought a car new from a dealer for $20,000 two years ago. The same car now could be bought from a used car dealer for $15,000, or sold to a used car dealer for $12,000.
Borrowed $500 from parents