The hanson family has the following assets and liabilities. can you tell the difference? identify which are assets and which are liabilities: ownership of a home ($175,000) credit card debt ($200) home mortgage ($120,000) value of retirement savings ($92,000) ownership of 2 automobiles ($23,000) automobile loan debt ($8,500) value of home furnishings ($3,800) worth of jewelry and other valuables ($5,000) checking account balance ($3,200) savings account balance ($8,800) value of stocks and investments ($12,400) student loans ($11,000) list the assets of the hanson family:

Ownership of a home ($175,000)

Value of retirement savings ($92,000)

Ownership of 2 automobiles ($23,000)

Value of home furnishings ($3,800)

Worth of jewelry and other valuables ($5,000)

Checking account balance ($3,200)

Savings account balance ($8,800)

Value of stocks and investments ($12,400)

Total assets is $323,200

Assets are those items which would give a probable inflow to the Hanson Family.

The liabilities are the following:

Credit card debt ($200)

Home mortgage ($120,000)

Automobile loan debt ($8,500)

Student Loans ($11,000)

Total liabilities is $139,700

Liabilities are those items which would give a probable outflow to the Hanson Family.

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step-by-step explanation: