Given the following personal balance sheet and personal income statement, what are the total assets?

$4,000             Emergency Fund

$10,000           Total Liquid Assets

$100,000         Total Household Assets

$40,000           Total Investment Assets (including superannuation)

$20,000           Superannuation (Restricted Assets)

$7,000             Total Current Liabilities

$113,000         Total Long-Term Liabilities

$70,000           Disposable Income

$50,000           Total Expenses

Question

Given the following personal balance sheet and personal income statement, what are the total assets?

$4,000             Emergency Fund

$10,000           Total Liquid Assets

$100,000         Total Household Assets

$40,000           Total Investment Assets (including superannuation)

$20,000           Superannuation (Restricted Assets)

$7,000             Total Current Liabilities

$113,000         Total Long-Term Liabilities

$70,000           Disposable Income

$50,000           Total Expenses

BlackTom AI · Accepted Answer

Total assets are the sum of the distinct asset categories on the balance sheet: liquid assets, household (non-investment) assets, and investment assets. Do not double-count any item that is a subset of another (for example, the emergency fund is part of liquid assets; superannuation is included in investment assets).

1) Relevant knowledge points and concepts
- Asset classification: Liquid assets, household assets, and investment assets are the three main asset groups shown.
- Subsets: Emergency Fund ($4,000) is a component of Total Liquid Assets ($10,000). Superannuation ($20,000) is a component of Total Investment Assets ($40,000) (it is labeled "included").
- Total assets = Total Liquid Assets + Total Household Assets + Total Investment Assets, provided no overlap beyond the stated inclusions.

2) Step-by-step reasoning
- Start with Total Liquid Assets = $10,000.
- Add Total Household Assets = $100,000.
- Add Total Investment Assets = $40,000.
- Do not add Emergency Fund separately (already inside liquid assets).
- Do not add Superannuation separately (already inside investment assets).

3) Calculations (all intermediate steps)
- Sum = $10,000 (liquid) + $100,000 (household) + $40,000 (investment)
- Sum = $110,000 + $40,000
- Sum = $150,000

4) Why this is correct
- The line items in the question explicitly list the aggregates: "Total Liquid Assets," "Total Household Assets," and "Total Investment Assets (including superannuation)." Summing these three totals yields the grand total of assets because each is a distinct asset category and the question warns which items are included within which totals (avoiding double counting).

5) Why other plausible answers would be incorrect
- Adding Emergency Fund or Superannuation again would double-count (e.g., $150,000 + $4,000 = $154,000 or + $20,000 = $170,000) and is incorrect because those are already contained in the listed totals.
- Using only household + investment ($100,000 + $40,000 = $140,000) would omit liquid assets, undercounting total assets.

6) Conclusion
Therefore, the correct total assets = $150,000, which matches the provided answer.

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