Question

Income statement preparation Adam and Arin Adams have collected their personal income and expense information and have askad you to put togather an income and expansa statemant for the year anded December 31, 2015 The follawing information is received from the Adams family a. Create a personal income and expense statement for the period ended December 31, 2015. It should be similar to a corporate Income statement b. Did the Adams familly have a cash surplus or cash deficit? e. H the result is a surplus, how can the Adams family use that surplus? Complete the expenses part of the personal income and expense statement for the period ended Personal Income and Expense Statement (Cont'd Period Ended December 31, 2015 Data Table Cick on the icon located on the top-right corner of the data table below in order to copy its contents into spreadsheet Mortgage payments Uslity expense $45,100 Utlides Adam's salary Arin's salary Interest received Dividands recelved Auto insurance 3250 2 250 1.510 1,661 12.900 1.970 2.060 2.050 29.800 Groceries Auto loan payment Auto insurance Home insurance Medical expenses Property taxes 520 Medical 160 Proparty taxes 30 Income tax, Secial Security Auno loan payment Mortgage payment O Clothing and accesories 3340 Gas and auto repair 13.700 Entertainment

Answer 1