Garrison called and said that he had compiled a list of assets and liabilities and would send them over to you. The list came a few days later. His assets included a home worth $619,550, approximately $49,697 in securities, two cars worth $64,500 with loans of $49,950 against them, and other assets including jewelry (worth $24,750), art ($21,900), and furniture ($15,275). Garrison and his wife, Tammy, have a money market fund with $3,550, a joint savings account of $9,879, student loan debt outstanding of $72,175, and a credit card balance due of $103,050. They still owe $495,000 on their mortgage.

Note: This is the only financial information available.

1. Construct the balance sheet for Garrison and Tammy based on the information available.

2. What are the total assets for Garrison and Tammy? (2 points)

3. What are the total liabilities for Garrison and Tammy? (2 points)

4. What is Garrison and Tammys total net worth? (2 points)

5. If you were a financial planner, what would you tell Garrison and Tammy about their net worth? (minimum of 100 words for Q5) (4 points)