Options for A - above, less than, within

Options for B - total assets, net worth, home

Options for C - does, does not

2. Balance sheet - Net worth and interpreting the data The following is a partial balance sheet for Mark and Pam Sigo. Complete the balance sheet by determining their total assets, total current liabilities, long-term liabilities, and net worth. Balance Sheet Name(s): Mark and Pam Sigo Date: December 31, 2012 Assets Liquid Assets Cash $221.10 Checking 243.21 Liabilities and Net Worth Current Liabilities Electric $481.80 Water 206.49 276.38 Insurance premiums 344.15 Savings Total Liquid Assets: $740.69 Taxes 1,087.50 Mortgage 805.56 Investments Auto 1,032.44 Retirement funds, $1,440.00 MasterCard 894.78 IRA Total Investments: $1,440.00 Total Current $ Liabilities: Real Property Long-Term Liabilities Primary residence $156,600.00 $38,666.88 Primary residence mortgage Total Real $156,600.00 $ Total Long-Term Liabilities: Property: Personal Property Honda Pilot $11,742.50 Total Personal $11,742.50 Property: (2) Total Liabilities: $ Net Worth (1)-(2): $ (1) Total Assets: Total Liabilities and $ Net Worth: Based on the completed balance sheet, the Sigos' 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. Mark and Pam Sigo are both age 44. Using data from the 2012 Federal Reserve Bulletin (shown) and the Sigos' balance sheet, what conclusions can you draw? $260,000 $240,000 $220,000 $216,800 $206,700 $200,000 $180,000 $179,400 $160,000 $140,000 Median Net Worth $120,000 $117,900 $100,000 $80,000 $60,000 $42,100 $40,000 $20,000 $9,300 $0 Less than 35 35-44 45-54 55-64 65-74 75 or more Age 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. Based on the Federal Reserve Bulletin data, the Sigos are the median net worth for their age group. Their would be considered their dominant asset. Based on their liabilities, it appear that they have adequate liquid assets to meet their bill payments and to cover any small, unexpected expenses. Their balance sheet lists their house at 8% higher than the purchase price. The equity in their home is $