Balance Sheet Name(s): Mark and Pam Sigo Date: December 31, 2012 Assets Liquid Assets Cash Checking Savings Total Liquid Assets: Investments Retirement funds, TRA Total Investments: Real Property Primary residence Total Real Property: Personal Property Honda Pilot Total Personal Property: $246.45 271.10 308.06 $1.188.75 $156,600.00 $11,247.50 (1) Total Assets: $825.61 $1.188.75 $156,000,00 $11,247.50 E Based on the completed balance sheet, the Sigos' net worth is s Liabilities and Net Worth Current Liabilities Electric Water Insurance premiums Taxes Mortgage Auto MasterCard Total Current Liabilities: Long-Term Liabilities Primary residence mortgage Total Long Term Liabilities: $437.93 187.68 312.01 1,087.50 805.56 938.42 813.29 $30,066.00 (2) Total Liabilities: Net Worth (1) -(2): Total Liabilities and Net Worth: $ Assignment Median Net Worth $260,000- $240,000- $220,000- $200,000 $180,000- $160,000- $140,000- $120,000- $100,000 $80,000- $60,000- $40,000- $20,000- 50 $9,300 $42,100 Less than 35 35-44 $117,900 45-54 $179,400 $206,700 Age 55-64 65-74 75 or more $216,800 Source: Jessie Bricker et al. "Changes in U.S. Family Finances from 2007 to 2010: Evidence from the Survey of Consumer Finances" Federal Reserve Buvon 98, no. 2 (June 2012): 17, http://www.federalreserve.gov/pubs/Bulletin/2012/articles/sct/set.htm. with their balance sheet in place, Mark and Pam can compare their total liabilities to their total assets to generate a more realistic view of their current wealth position. The Federal Reserve Bulletin provides data on median net worth, broken down by age brackets. would be considered their dominant asset. D Based on the Federal Reserve Bulletin data, the Sigos are . Their Based on their liabaties, it unexpected expenses. their balance sheet lists their house at 8% higher than the purchase price. The equity in their home is S the median net worth for their age group. appear that they have adequate liquid assets to meet their bill payments and to cover any small,