Create a personal balance sheet as of December 31, 2009.

Do not forget to give your full effort for solving the problems.

A. Adam and Arin Adams Personal Balance Sheet
Effective December 31, 2009.
Assets Liabilities
$300 Cash Medical Bills – $250
Reviewing 3000 Utility Bills – 150
Save 1,200 on your Credit Card Balance
IBM Stock 2,000 Personal loan 3,000
2008 Sebring 15,000 mortgage 100,000
2007 Jeep 8, 000 Total Current Liabilities 5, 400

Market Funds 1 200 Retirement Fonds IRA 2 000

Jewelry & Artwork 3 000 Household Furnishings 4 200

Real Estate 150 0000 Total Long Term Liabilties 102 000

Total Liabilities: 107 400

Net Worth: 76 500

Total assets 234 9900

b. The Adams family’s total assets must equal $234,900.00 as of December 31, 2009.

c.The Net Working Capital (NWC) for the year was -$5400 as calculated ($3000+$1200+$2000)-($250 +$150 +$2000 +$3000).

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