The Taylor Family had an income after income taxes and FICA withholding of $45,000 in 2020. They have three kiddos 12,14, and 16.

Spending in 2020 was:

Food$6,000

Clothing $3,000

Auto payments $7.000

Braces for all $3,000 three kiddos Mortgage $12.000 payments

Entertainment $1,000

Auto Insurance $1,400

Healthcare expenses out of $1,350 pocket Cheerleading for $450 16 yr old

Baseball for 12 yr old $225

Volleyball for 14 yr old $175

Utilities $6000

Cell Phone $2,160

Cable and Internet $ 2,640

Their checking account had a balance of $390 and their savings accounts had a balance of 5/10 Their home has a market value $175,000. The balance on their mortgage was \$140,000 .

What were the family's assets on Dec 31 2020?

What are the total liabilities for the family?

What is the family's net worth?

What is the family surplus or deficit for the year?