A balance sheet in the context of Financial Planning and Wealth Management is a a snapshot of everything an

individual or family owns at a given point in time. What basic equation is correct for determining Net Worth?

Net Worth $=$ Assets $+$ Liabilities

Net Worth $=$ Assets $+$ Liabilities $-$ Shareholder's Equity

Net Worth $=$ Assets $-$ Liabilities

Net Worth $=$ Current Assets $-$ Long Term Liabilities