Tom and Carol Jackson have asked for your help in preparing a personal balance sheet. They have listed the following assets and liabilities: current value of home, $145,000; audio/video equipment, $1,340; automobiles, $17,700; personal property, $4,350; computer, $3,700; mutual funds, $26,700; 401(k) retirement plan, $53,680; jewelry, $4,800; certificates of deposit, $19,300; stock investments, $24,280; furniture and other household goods, $8,600; balance on Walmart and Sears charge accounts, $4,868; automobile loan balance, $8,840; home mortgage balance, $106,170; Visa and MasterCard balances, $4,219; savings account balance, $3,700; Carol's night school tuition loan balance, $2,750; checking account balance, $1,385; signature loan balance, $6,350.

total assets (in $)

$

total liabilities (in $)

$

net worth (in $)

$

Explain the importance of the personal balance sheet. How often should this information be updated?