Balance sheet preparation Use the appropriate items from the following list to prepare in good form Mellark's Baked Goods balance sheet at December

Balance sheet preparation Use the appropriate items from the following list to prepare

in good form Mellark’s Baked Goods balance sheet at December 31, 2015

Personal Finance Problem

P3–4 Income statement preparation Adam and Arin Adams have collected their personal

income and expense information and have asked you to put together an income and

expense statement for the year ended December 31, 2015. The following information

is received from the Adams family.

Adam’s salary $45,000 Utilities $ 3,200

Arin’s salary 30,000 Groceries 2,200

Interest received 500 Medical 1,500

Dividends received 150 Property taxes 1,659

Auto insurance 600 Income tax, Social Security 13,000

Home insurance 750 Clothes and accessories 2,000

Auto loan payment 3,300 Gas and auto repair 2,100

Mortgage payment 14,000 Entertainment 2,000

Value ($000) at Value ($000) at

Item December 31, 2015 Item December 31, 2015

Accounts payable $ 220 Inventories $ 375

Accounts receivable 450 Land 100

Accruals 55 Long-term debts 420

Accumulated depreciation 265 Machinery 420

Buildings 225 Marketable securities 75

Cash 215 Notes payable 475

Common stock (at par) 90 Paid-in capital in excess

Cost of goods sold 2,500 of par 360

Depreciation expense 45 Preferred stock 100

Equipment 140 Retained earnings 210

Furniture and fixtures 170 Sales revenue 3,600

General expense 320 Vehicles 25