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 E. 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 deficit? 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, 2015. 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, 2015: (Round to the nearest dollar.) Personal Income and Expense Statement Period Ended December 31, 2015 Income $ Adam'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, 2015: (Round to the nearest dollar.) Personal Income and Expense Statement (Cont'd) Period Ended December 31, 2015 Expenses Mortgage payments Utility expense Groceries Auto loan payment Auto insurance Home insurance Medical expenses Property taxes Income tax and social security Clothing and accessories UT 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 furniture, 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. Enter any number in the edit fields and then continue to the next question. i Data Table (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) Utilities Adam's salary Arin's salary $45,300 30,200 450 Groceries Interest received Medical Dividends received 180 $3,150 2,220 1,520 1,664 12,500 2,010 2,110 2,000 Auto insurance 630 Home insurance Property taxes Income tax, Social Security Clothing and accesories Gas and auto repair Entertainment 740 Auto loan payment Mortgage payment 3,330 14,400 Print Done