Income statement preparation Adam and Ain Adams have collected Their personal in
ID: 1172230 • Letter: I
Question
Income statement preparation Adam and Ain Adams have collected Their personal income and esxpense information and have s received trom the Adams tamily D asked you to pui together an income and expense statement for the year ended December 31,2015 The totowing informa e Create a personal income and expense statement for the period ended December 31, 2015 Itshould be similar to a corporate income statement b. Did the Adams family have a cash surplus or cash defict? . If the result is a surplius, how can the Adams tamily use that surplus? Personal Income and Expense Statement (Cont'd Period Ended December 31, 2015 Expenses Mortgage payments Utity expense Data Table Auto loan payment Auto insurance (cack on the lcon located on the top-right corner of the data table below in order to copy ts contents into a spreadsheet) Adans salary Arins salary Irderest receved Dividends received Auto insurance Home ingurance Auto loan payment Motgage payment 45,300 Uibes 29.800 Groceres 3.240 2,190 1470 Medical expenses Property taes Income tas and social securty Clothing and accessones Gas and auto repar 5 00 Medical 200 Property 610 Income tax Social Security 20 Clothing and accesoes 330 Gas and auto repar 3,100 120 2.030 4 400 Entertainment Total Expenses Print Done ter any number in the edt felds and then continue to the next questionExplanation / Answer
Mortagage payments $ 14,400 Utility $ 3,240 Groceries $ 2,190 Auto loan $ 3,330 Auto insurance $ 610 Home insurance $ 720 Medical expenses $ 1,470 Property taxes $ 1,650 Income tax and social security $ 13,100 Clothing and accessories $ 1,900 Gas and auto repair $ 2,120 Entertainment $ 2,030 Total expenses $ 46,760