Mike and Mary Jane Lee have a yearly income of $73,379 and own a house worth $110,500, two cars worth a total of $19,115, and furniture worth $14,100. The house has a mortgage of $62,653 and the cars have outstanding loans of $2,009 each. Utility bills, totaling $169 for this month, have not been paid. Calculate to determine their net worth and explain what it means. How would the Lees' age affect your assessment of their net worth?

The value of Mike and Mary Jane's total assets is $? (Round to the nearest dollar.)

The value of Mike and Mary Jane's total liabilities is $? (Round to the nearest dollar.)

The value of Mike and Mary Jane's net worth is $? (Round to the nearest dollar.)

How would the Lees' age affect your assessment of their net worth?

A.If the Lees sold off all their assets and paid off all their debts, they would have $76,875 in cash. You would expect net worth to increase with age.

B.If the Lees sold off all their assets and attempted to pay off all their debts, they would still owe $150,254. You would expect net worth to decrease with age.