Question: Construct a statement of financial position (balance sheet) for the Humperdinck family using the following information: cash, $50; checking account, $2,500; student loan balance, $6,000;

Construct a statement of financial position (balance sheet) for the Humperdinck family using the following information: cash, $50; checking account, $2,500; student loan balance, $6,000; stocks and bonds, $2,600; savings account, $5,850; residence, $110,000; automobile, $12,000; 401 (k) retirement account, $15,000; furniture, clothing, jewelry, $8,000; credit card balance, $4,000; and mortgage loan balance, $99,000.

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