Tom and Carol Jackson have asked for your help in preparing a personal balance sheet. They have listed the following assets and liabilities: current value of home, $145,000; audio\/video equipment, $1,340; automobiles, $17,600; personal property, $4,350; computer, $3,700; mutual funds, $26,700; 401(k) retirement plan, $53,680; jewelry, $4,800; certificates of deposit, $19,300; stock investments, $24,280; furniture and other household goods, $8,600; balance on Walmart and Sears charge accounts, $4,868; automobile loan balance, $8,840; home mortgage balance, $106,270; Visa and MasterCard balances, $4,215; savings account balance, $3,700; Carol's night school tuition loan balance, $2,750; checking account balance, $1,385; signature loan balance, $6,350. <\/p>
total assets (in $) <\/p>
$ <\/p>
total liabilities (in $)<\/p>
$ <\/p>
net worth (in $) <\/p>
$ <\/p>
Explain the importance of the personal balance sheet. How often should this information be updated?<\/p>", "transcribed_text": "", "related_book": { "title": null, "isbn": null, "edition": null, "authors": null, "cover_image": null, "uri": null, "see_more_uri": "" }, "free_related_book": { "isbn": "", "uri": "", "name": "", "edition": "" }, "question_posted": "2024-09-13 00:05:40", "see_more_questions_link": "\/study-help\/questions\/business-accounting-2024-September-20", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/industrial-organizational-psychology-understanding-the-workplace\/3-define-transactional-and-transformational-leadership-how-do-these-styles-2002907", "description": "=+3. Define transactional and transformational leadership. How do these styles differ?", "stars": 0 }, { "url": "\/the-factory-payroll-for-the-week-is-500000-consisting-of-300000", "description": "The factory payroll for the week is $500,000, consisting of $300,000 earned by 250 direct laborers and $200,000 earned by 150 indirect laborers. The total of factory bonuses to be received at...", "stars": 3 }, { "url": "\/study-help\/questions\/tom-and-carol-jackson-have-asked-for-your-help-in-10522012", "description": "Tom and Carol Jackson have asked for your help in preparing a personal balance sheet. They have listed the following assets and liabilities: current value of home, $145,000; audio\/video equipment,...", "stars": 3 }, { "url": "\/study-help\/questions\/prior-to-the-first-month-of-operations-ending-october-31-10603752", "description": "Prior to the first month of operations ending October 31, Marshall Inc. estimated the following operating results: Sales (18,400 x $66) $1,214,400 Manufacturing costs (18,400 units): Direct materials...", "stars": 3 }, { "url": "\/study-help\/questions\/charter-national-bank-has-a-staff-of-loan-officers-located-2594731", "description": "Charter National Bank has a staff of loan officers located in its branch offices throughout the Southwest. Robert Kerns, vice president of consumer lending, would like some information on the typical...", "stars": 3 }, { "url": "\/study-help\/questions\/it-is-proposed-to-mix-reactorgrade-uranium-enriched-to-5-5363832", "description": "It is proposed to mix reactor-grade uranium (enriched to 5 a\/o 235U and the rest 238U) with weapons-grade plutonium (enriched to 90 a\/o 239Pu, 5 a\/o 240Pu, and 5 a\/o 241Pu) in a mixed oxide (MOX)...", "stars": 3 }, { "url": "\/study-help\/questions\/on-november-1-2023-jean-higgins-started-a-wedding-planning-1587739", "description": "On November 1, 2023, Jean Higgins started a wedding planning company, Extraordinary Studios. On November 30, 2023, the company's records showed the following items. Cash $21,000 Accounts receivable....", "stars": 3 }, { "url": "\/study-help\/questions\/identifying-transactions-napa-tours-co-is-a-travel-agency-the-5675114", "description": "Identifying Transactions Napa Tours Co. is a travel agency. The nine transactions recorded by Napa Tours during April 2018, its first month of operations, are indicated in the following T accounts:...", "stars": 3 }, { "url": "\/study-help\/questions\/the-unadjusted-trial-balance-and-the-income-statement-and-balance-3614560", "description": "The Unadjusted Trial Balance and the Income Statement and Balance Sheetwere taken from the work sheet of Aris Castro, CPA, on March 31, 2017.The balances of the income statement and the balance sheet...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/gecko-limited-gl-is-a-company-that-is-in-the-10522011", "next": "\/study-help\/questions\/economic-profits-are-a-earnings-based-on-the-normal-10522013" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Finance", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-finance" }, { "name": "Tom and Carol Jackson have asked for your help in preparing a", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/tom-and-carol-jackson-have-asked-for-your-help-in-10522012" } ], "skill_details": { "skill_id": "13", "skill_name": "Finance", "parent_id": "1" } }" } }