Data:

Steve and Mary Jo, both thirty-five, own a house worth $150,000, have a yearly income of $50,000, monetary assets of $5,000, two cars worth $20,000, and furniture worth $10,000. The house has a $100,000 mortgage, they have college loans of $10,000 outstanding, and the cars have outstanding loans of $10,000 each. Bills totaling $1,150 for this month have not been paid ($1,000 is to pay off their credit card that they use for bills).

Calculations:

Using the data above, create a balance sheet for Steve and Mary Jo.How are they doing?