Balance sheet preparation Use the appropriate items from the following list to prepare in good form Mellarks Baked Goods balance sheet at December 31, 2015. LG 1 LG 1 LG 1 Personal Finance Problem P34 Income statement preparation Adam and Arin Adams have collected their personal income and expense information and have asked you to put together an income and expense statement for the year ended December 31, 2015. The following information is received from the Adams family. Adams salary $45,000 Utilities $ 3,200 Arins salary 30,000 Groceries 2,200 Interest received 500 Medical 1,500 Dividends received 150 Property taxes 1,659 Auto insurance 600 Income tax, Social Security 13,000 Home insurance 750 Clothes and accessories 2,000 Auto loan payment 3,300 Gas and auto repair 2,100 Mortgage payment 14,000 Entertainment 2,000 Value ($000) at Value ($000) at Item December 31, 2015 Item December 31, 2015 Accounts payable $ 220 Inventories $ 375 Accounts receivable 450 Land 100 Accruals 55 Long-term debts 420 Accumulated depreciation 265 Machinery 420 Buildings 225 Marketable securities 75 Cash 215 Notes payable 475 Common stock (at par) 90 Paid-in capital in excess Cost of goods sold 2,500 of par 360 Depreciation expense 45 Preferred stock 100 Equipment 140 Retained earnings 210 Furniture and fixtures 170 Sales revenue 3,600 General expense 320 Vehicles 25