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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.