Question
Cash 293 Retirement funds, IRA 1,979 Checking 3 comma 0793,079 2014 Sebring 15,035 Savings 1,269 2010 Jeep 7,909 IBM stock 1,938 Money market funds 1,175
Cash | 293 | Retirement funds, IRA | 1,979 | |
Checking | 3 comma 0793,079 | 2014 Sebring | 15,035 | |
Savings | 1,269 | 2010 Jeep | 7,909 | |
IBM stock | 1,938 | Money market funds | 1,175 | |
Auto loan | 8,029 | Jewelry and artwork | 2,998 | |
Mortgage | 99,498 | Net worth | 77,057 | |
Medical bills payable | 259 | Household furnishings | 4,256 | |
Utility bills payable | 142 | Credit card balance | 2,027 | |
Real estate | 150,001 | Personal loan | 2,920 |
Adam and Arin Adams have collected their personal asset and liability information and have asked you to put together a balance sheet as of December 31, 2015. The following information is received from the Adams family LOADING.... a. Create a personal balance sheet as of December 31, 2015. It should be similar 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) at the end of the year? (Hint: NWC is the difference between total liquid assets and total current liabilities.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started