4. Personal balance sheet Dan and Selena Newly have been married for over 10 years. They both have good jobs with consistent incomes, and they are good savers. They believe that their financial picture is good, but they have never prepared a balance sheet. Dan and Selena pulled together the following items from bank statements, pay stubs, and bills. 1. Auto: 2010 Suburban (cost) 28,750 2. Auto: 2007 Honda Pilot (cost) 25,000 3. Dan's salary 45,000 4. Balance due on American Express credit card 1,519 5. Balance due on Master Card 731 6. Balance due on Visa credit card 169 7. Primary home 300,000 8. Selena's diamond earrings 6,250 9. The total balance remaining on their mortgage is 250,000 10. Amount paid last month for a telephone is 500 In addition, the Newly's provided the following information: Based on comparable homes listed for sale in their neighborhood, the Newly's believe that their home value is about 8% more than what they paid for it. The principal portion of their mortgage payments is approximately $833 per month.