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 penod 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

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.$)$

$\backslash$table$[[$Adam$\text{'}$s salary,$$44,700,$Utilities,$$3,250],[$Arin$\text{'}$s salary,$29,700,$Groceries,$2,200],[$Interest received,$470,$Medical,$1,540],[$Dividends received,$180,$Property taxes,$1,655],[$Auto insurance,$580,$Income tax, Social Security,$13,300],[$Home insurance,$790,$Clothing and accesories,$1,960],[$Auto loan payment,$3,260,$Gas and auto repair,$2,120],[$Mortgage payment,$14,300,$Entertainment,$1,950]]$