John 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 $819,550, approximately $49,697 in securities, two cars worth $62,500 with loans of $49,950 against them, and other assets including jewelry (worth $24,750), art ($16,900), and furniture ($12,095). John and his wife, Andrea, have a money market fund with $3,550, a joint savings account of $8,573, student loan debt outstanding of $78,175, and a credit card balance due of $93,050. They still owe $575,250 on their mortgage.

What are the total assets for John and Andrea?

What are the total liabilities for John and Andrea?

What is John and Andreas total net worth?

ASSETS Cash and equivalents Cash Checking/Savings Account Cash Value: Life Insurance and Annuities Other Real property (mkt. value) Real Estate Car Personal Property Certificates of Deposit Bonds Mutual Funds Stocks Others Retirement accounts IRA Pension Fund (vested) Other Other (eg., business interests) TOTAL ASSETS Investments The Outcome $ $ $ $ $ $ $ $ S S S $ !!!!! LIABILITIES Mortgage (principal only) Other debt Car Loans Home Improvement Loans Student Loans Other Loans Credit Cards Taxes owed Federal State and Local Contractual obligations eg., Leases, Tuition $ S $ $ $ $ $ $ $ $ $ TOTAL LIABILITIES $ CALCULATE YOUR NET WORTH ASSETS minus (-) $ LIABILITIES equals (-) NET WORTH