What you own (Total Assets) What you owe (Total Liabilities) Your equity (Net Worth) The items you own, or your assets , are classified regardless of whether they were purchased for cash or financed with debt. A useful way to group assets is on the basis of their underlying categories: liquid assets, investments, real property, and personal property. Choose the correct category for each asset in the following table. Liquid Assets Investments Real Property Personal Property Pension Your Lexus automobile Stock A mutual fund maturing within the year Fence around your property O O O Diamond earrings Cash O o o The land your home sits on As you gather asset information, it is important to identify and record all assets. Regardless of asset category, all assets listed on the balance sheet should be recorded at You are calculating your net worth, and you have determined that your assets total $105,000, and your liabilities total $80,000. Your net worth is therefore $25,000