Question
USING EXCEL FRMULAS IN EXCELAdam and Arin Adams have collected their personal asset and liability information and have asked you to put together a balance
USING EXCEL FRMULAS IN EXCELAdam 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
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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.)
a. Complete the assets part of the Adams family's balance sheet below:(Select the correct account from the drop-down menu and round to the nearestdollar.)
Adam and Arin Adams
Balance Sheet
December 31, 2015
Assets
Liabilities and Net Worth
$
$
$
$
Cash
$ 310$310
Retirement funds, IRA
$ 2 comma 003$2,003
Checking
3 comma 0273,027
2014 Sebring
15 comma 01215,012
Savings
1 comma 2721,272
2010 Jeep
8 comma 0068,006
IBM stock
2 comma 0742,074
Money market funds
1 comma 2331,233
Auto loan
8 comma 0418,041
Jewelry and artwork
2 comma 9682,968
Mortgage
100 comma 938100,938
Net worth
75 comma 17175,171
Medical bills payable
249249
Household furnishings
4 comma 2084,208
Utility bills payable
155155
Credit card balance
1 comma 9391,939
Real estate
149 comma 430149,430
Personal loan
3 comma 0503,050
Total Liquid Assets
$
$
$
Total Investments
$
$
$
$
$
Total Personal Property
$
Total Real Estate
$
Total Assets
$
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