Ch 02: Assignment-Using Financial Statements and Budgets 2. Balance sheet Net worth and interpreting the data The following is a partial balance sheet for Andy and Kim Garza. Complete the balance sheet by determining their total assets, total current liablites long-term liabilities, and net worth Balance Sheet Name(s): Andy and Kim Garza Date: December 31, 2012 Liabilities and Net Worth Liquid Assets Current Liabilities Cash 246.45 Electric $437.93 Checking 271.10 Water 187.68 Savings 308.06 Insurance premiums 312.81 Total Liquid Assets: $825.61 Taxes 1,050.00 Mortgage 777.78 Investments Auto 938.42 Retirement funds, $1,188.75 813.29 MasterCard IRA Total Investments: 1,108.75 Total Current Liabilities: Long-Term Real Property Liabilities Primary residence 37,333.44 $151,200.00 Primary residence mortgage Total Long-Term 151,200.00 Total Real Liabilities: Property Personal Property 11,000.00 Honda Plot 11,000.00 Total Personal Property (2) Total Liabilities: O Type here to search $11,000.00 onda Pilot Total Personal 11,000.00 Property: (2) Total Liabilities (1) Total Net Worth (1) (2): Assets: Total Liabilities and Net Worth: Based on the completed balance sheet, the Garzas' net worth is It isn't just the preparation of a balance sheet but the interpretation of the data that can reveal a family's financial condition. Andy and Kim Garza are both age 44. Using data from the 2012 Federal Reserve Bulletin (shown) and the Garzas' balance sheet, what conclusions can you draw? $260,000