Adam's salary Arin's salary Interest received Dividends received Auto insurance Home insurance Auto loan payment Mortgage payment $44,600 Utilities 30,200 Groceries 450 Medical 180 Property taxes 600 Income tax, Social Security 730 Clothing and accesories 3,340 Gas and auto repair 14,500 Entertainment $3,170 2,160 1,460 1,660 13,100 2,040 2,130 1,960 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, 2019. The following 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 family have a cash surplus or cash defick? c. If the result is a surplus, how can the Adams family use that surplus? a. Create a personal income and expense statement for the period ended December 31, 2019. It should be similar to a corporate income statement Complete the income part of the personal income and expense statement for the period ended December 31, 2019 (Round to the nearest dollar) Personal Income and Expense Statement Period Ended December 31, 2019 Income Adan's salary $ Arin's salary Interest received Dividends received Total Income $ Complete the expenses part of the personal income and expense statement for the period ended December 31, 2019: (Round to the nearest dollar) Income statement preparation Adam and Arin Adams have collected their ended December 31, 2019. The following information is received from the Ada a. Create a personal income and expense statement for the period ended Dec b. Did the Adams family have a cash surplus or cash deficit? c. If the result is a surplus, how can the Adams family use that surplus? Personal Income and Expense Statement (Cont'd) Period Ended December 31, 2019 $ Expenses Mortgage payments Utility expense Groceries A Auto loan payment Auto insurance Home insurance Medical expenses Property taxes Income tax and social security 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, 2019. The following information is received from the Adams family a. Create a personal income and expense statement for the period ended December 31, 2019. It should be similar to a corporate income statement b. Did the Adams family have a cash surplus or cash deficit? c. If the result is a surplus, how can the Adams family use that surplus? Income tax and social security Clothing and accessories Gas and auto repair Entertainment Total Expenses Cash Surplus or (Deficit) $ $ b. Since exceeds the Adams have a cash (Select from the drop-down menus.) c. Is the statement below true or false? (Select from the drop-down menu.) The cash surplus can be used for a variety of purposes. In the short-term, they may replace their car, buy better fumiture, or more quickly pay off their home. Alternatively, they may purchase stocks and bonds, or increase their savings for future needs. Investments in the stock market are generally designed to increase an individual's future wealth, the purchase of bonds typically allows one to at least retain their purchasing power, while investment in savings accounts provide liquidity Income tax and social security Clothing and accessories Gas and auto repair Entertainment Total Expenses $ $ Cash Surplus or (Deficit) b. Since exceeds the Adams' have a cash c. Is the s e or false? (Select from the drop- income The cash expenses ?d for a variety of purposes. In the short-term purchase or increase their savings for future needs. Ir purchase of bonds typically allows one to at least retain their purchasing Enter any number in the edit fields and then continue to the next que OCT 14 OSO Clothing and accessories Gas and auto repair Entertainment Total Expenses $ $ Cash Surplus or (Deficit) Since exceeds the Adams' have a cash ( Is the statement below true (Select from the drop-down men income he cash surplus can be used expenses oses. In the short-term, they may urchase stocks and bonds, or ngs for future needs. Investments urchase of bonds typically allows one to at least retain their purchasing power, whi ter any number in the edit fields and then continue to the next question. 14 rity $ , the Adams' have a cash (Select from the drop-do or false? (Select from the dr surplus for a variety of purposes. In the short-t deficit place their car, buy or increase their savings for future need: the stock market ar allows one to at least retain their purchasing power, while investment in saving it fields and then continue to the next question. OCT 14