Balance sheet preparation

Adam and Arin Adams have collected their personal asset and liability information and asked you to put together a balance sheet as of December 31,2015. The following information is received from the Adams family.

Cash $300Retirement funds, IRA $2,000

Checking3,0002014 Sebring 15,000

Savings 1,200 2010 Jeep 8,000

IBM stock 2,000 Money market funds1,200

Auto loan 8,000 Jewelry and artwork 3,000

Mortgage 100,000Net worth 76,500

Medical bills payable 250 Household furnishings 4,200

Utility bills payable 150Credit card balance 2,000

Real estate 150,000Personal loan 3,000

a. Create a personal balance sheet as of December 31, 2015. It should be similar to a corporate balance to a corporate balance sheet.

b. What must the total assets of the Adams family be equal to by December 31, 2015?

c. What was their net working capital (NWC) for the year? (Hint: NWC is the difference between total liquid assets and total current liabilities.)

Please provide your own work. Thanks.