80.2K

Verified Solution

Link Copied!

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

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.)

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

$

Answer & Explanation Solved by verified expert

See Answer