Income statement preparation Adam and Arin Adams have collected their personal i
ID: 1172253 • Letter: I
Question
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 espense statement tor the year ended December 31,2015. The tolowing information s receved from the Adans tamity a. Create a personal incoe and expense statement for the period ended December 31,2015 it should be simlar to a corporite income statment b. Did the Adans tamily have a cash surplus or cash dect? C. If the resut is a surplus, how can the Adars tamily use thuat surplus? a.Create a penoal nome and expense stimert he rend ended De oer 31, 2015 nshold be smaar to aco ate ncome statement Complete the income part of the persional income and expense statement for the period ended December 31, 2015 (Round to the meaest do Personal Income and Expense Statement Period Ended December 31, 2015 Data Table Adam's salary Arin's saary nterest received Dividends received (Cick on the lcon located on the top-gh comer of the data table below in order to copy ts contents into 3.240 2.190 t 470 656 13.100 1900 2,120 2 030 45,300 Unites 9.800 rocees Are's salany Interest receed Ovidends received Auts inurance Total Income 500 Medce 200 Property 610 income tax, Socal Security 20 Coning and accesones 330 Ond Comelele he esgenses part of the personal income and expense sement for the penod ended December 31,2015 ound to the nearest do Personal Icome and Expense Statement (Co od Ened Decemeer 31 2015 Expenses an payment Martgage payment 4400 Entertanent Print Done eter any number in the edit fields and then continue to the raxt questionExplanation / Answer
Income and Expense statement
total revenue
Adam salary
45300
Arin salary
29600
interest received
500
dividend received
200
total revenue
75600
less total expenses
Auto insurance
610
home insurance
720
auto loan payment
3330
mortgage payment
14400
utilities
3240
accessories
2190
medical
1470
property taxes
1656
income tax - social security
13100
clothing and accessories
1980
gas and auto repair
2120
entertainment
2030
total of expenses
46846
total savings
28754
Yes Adam family saves 28754 and it is cash form
Family can use this funds for future savings and for fulfilling the personal investment objectives of family members
Income and Expense statement
total revenue
Adam salary
45300
Arin salary
29600
interest received
500
dividend received
200
total revenue
75600
less total expenses
Auto insurance
610
home insurance
720
auto loan payment
3330
mortgage payment
14400
utilities
3240
accessories
2190
medical
1470
property taxes
1656
income tax - social security
13100
clothing and accessories
1980
gas and auto repair
2120
entertainment
2030
total of expenses
46846
total savings
28754
Yes Adam family saves 28754 and it is cash form
Family can use this funds for future savings and for fulfilling the personal investment objectives of family members