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 B 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? 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 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, 2019: (Round to the nearest dollar) Personal Income and Expense Statement (Cont'd) 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 Auto loan payment Auto insurance Home insurance Medical expenses Property taxes Income tax and social security Clothing and accessories Gas and auto repair Entertainment 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 e or false? (Select from the drop-down menu.) income The cash expenses d for a variety of purposes. In the short-term, they may replace their car, buy better furniture, or more quickly pl ternatively, 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 statement preparation Adam and Arin Adams have collected their personal income a you to put together an income and expense statement for the year ended December 31, 2019. T the Adams family B a. Create a personal income and expense statement for the period ended December 31, 2019. It 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? Home insurance Medical expenses Property taxes 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 dre c. Is the statement below true income (Select from the drop-down menu) The cash surplus can be used expenses oses. In the short-term, they may replace their ca quickly pay off their home. Alter purchase stocks and bonds, or increase their savi Investments in the stock market are generally designed to increase an individual's future wealth, the allows one to at least retain their purchasing power, while investment in savings accounts provide liq Enter any number in the edit fields and then continue to the next question Income you to put together an income and expense statement for the year ended December 31, 2019. the Adams family B a. Create a personal income and expense statement for the period ended December 31, 2019. 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? Home insurance Medical expenses Property taxes 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 de c. Is the statement below true or false? (Select from the dr surplus The cash surplus can be used for a variety of purposes. In the short-1 deficit place their ce quickly pay off their home. Alternatively, they may purchase stocks ar zase their sav Investments in the stock market are generally designed to increase an individual's future wealth, the allows one to at least retain their purchasing power, while investment in savings accounts provide lic Enter any number in the edit fields and then continue to the next question you put togey the Adams familk a. Create a personal income and expense statement for the period ended December 31, 201 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? Home insurance Medical expenses Property taxes 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 (Select from the drop-down menu.) c. Is the statement below true or false? The cash surplus can be used for a varie quickly pay off their home. Alternatively, t Investments in the stock market are gene allows one to at least retain their purchas True In the short-term, they may replace their ase stocks and bonds, or increase their s to increase an individual's future wealth, e investment in savings accounts provide False Enter any number in the edit fields and then continue to the next question 80 000 000 Adam's salary Arin's salary Interest received Dividends received Auto insurance Home insurance Auto loan payment Mortgage payment $45,000 Utilities 30,000 Groceries 460 Medical 170 Property taxes 550 Income tax, Social Security 760 Clothing and accesories 3,280 Gas and auto repair 13,500 Entertainment $3,190 2,220 1,490 1,664 13,000 1,960 2,140 2,040