Balance sheet preparation Adam and Arin Adams have collected their personal asset and liability

QUESTION

1. Balance sheet preparation Adam and Arin Adams have collected their personal asset and liability information and have asked you to put together a balance sheet asof December 31, 2012. The following information is receivedfrom the Adams family.Cash$ 300Retirement funds, IRA$ 2,000Checking3,0002011 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 loan3,000a. Create a personal balance sheet as of December 31, 2012. 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, 2012?c. What was their net working capital (NWC) for the year?2.Financial statement account identificationMark each of the accounts listed in the following table as follows:a. In column (1), indicate in which statementincome statement (IS) or balance sheet (BS)the account belongs.b. In column (2), indicate whether the account is a current asset (CA), current liability (CL), expense (E), fixed asset (FA), long-term debt (LTD), revenue (R), or stockholders equity (SE).(1)(2)Account nameStatementType of accountAccounts payableAccounts receivableAccrualsAccumulated depreciationAdministrative expenseBuildingsCashCommon stock (at par)Cost of goods soldDepreciationEquipmentGeneral expenseInterest expenseInventoriesLandLong-term debtsMachineryMarketable securitiesNotes payableOperating expensePaid-in capital in excess of parPreferred stockPreferred stock dividendsRetained earningsSales revenueSelling expenseTaxesVehicles
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