7 Balance sheet preparation Adam and Arin Adams have collected their personal asset and liability information and have...

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7 Balance sheet preparation Adam andArin Adams have collected their personal asset and liabilityinformation and have asked you to put together a balance sheet asof December 31, 2015. The following information is received fromthe Adams family.
Cash $ 300 Retirement funds, IRA $ 2,000
Checking 3,000 2014 Sebring 15,000
Savings 1,200 2010 Jeep 8,000
IBM stock 2,000 Money market funds 1,200
Auto loan 8,000 Jewelry and artwork 3,000
Mortgage 100,000 Net worth 76,500
Medical bills payable 250 Household furnishings 4,200
Utility bills payable 150 Credit card balance 2,000
Real estate 150,000 Personal loan 3,000
Create a personal balance sheet as of December 31, 2015. Itshould be similar to a corporate balance sheet.
What must the total assets of the Adams family be equal to byDecember 31, 2015?
What was their net working capital (NWC) for the year?(Hint: NWC is the difference between total liquid assetsand total current liabilities.

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Balance sheet is one of the financial statement in which the financial position of assets and liabilities are reflected as on particular date a Adam and Arin Adams Balance Sheet As on 31st December 2015 Assets Liabilities and net See Answer

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7 Balance sheet preparation Adam andArin Adams have collected their personal asset and liabilityinformation and have asked you to put together a balance sheet asof December 31, 2015. The following information is received fromthe Adams family.Cash$ 300Retirement funds, IRA$ 2,000Checking3,0002014 Sebring15,000Savings1,2002010 Jeep8,000IBM stock2,000Money market funds1,200Auto loan8,000Jewelry and artwork3,000Mortgage100,000Net worth76,500Medical bills payable250Household furnishings4,200Utility bills payable150Credit card balance2,000Real estate150,000Personal loan3,000Create a personal balance sheet as of December 31, 2015. Itshould be similar to a corporate balance sheet.What must the total assets of the Adams family be equal to byDecember 31, 2015?What was their net working capital (NWC) for the year?(Hint: NWC is the difference between total liquid assetsand total current liabilities.

Cash	$ 300	Retirement funds, IRA	$ 2,000
Checking	3,000	2014 Sebring	15,000
Savings	1,200	2010 Jeep	8,000
IBM stock	2,000	Money market funds	1,200
Auto loan	8,000	Jewelry and artwork	3,000
Mortgage	100,000	Net worth	76,500
Medical bills payable	250	Household furnishings	4,200
Utility bills payable	150	Credit card balance	2,000
Real estate	150,000	Personal loan	3,000