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Construct a balance sheet for the Smith family from the following information. Be sure the format is correct. Are the Smiths solvent or insolvent? Explain.

Construct a balance sheet for the Smith family from the following information. Be sure the format is correct.

Are the Smiths solvent or insolvent? Explain. Show all work.

Cash on hand 100

Bank credit card balance1 15,000

Auto loan balance 25,000

Mortgage 225,000

Primary residence (FMV) 250,000

Jewelry 500

Stocks 1,000

Coin collection 1,500

2010 Toyota 25,000

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