Income statement preparation USING FORMULAS IN EXCEL.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

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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.

Adam's salary

$ 44 comma 800$44,800

Utilities

$ 3 comma 220$3,220

Arin's salary

30 comma 40030,400

Groceries

2 comma 2502,250

Interest received

490490

Medical

1 comma 5201,520

Dividends received

200200

Property taxes

1 comma 6611,661

Auto insurance

610610

Income tax, Social Security

13 comma 40013,400

Home insurance

720720

Clothing and accesories

2 comma 0002,000

Auto loan payment

3 comma 3103,310

Gas and auto repair

2 comma 1202,120

Mortgage payment

13 comma 80013,800

Entertainment

2 comma 0202,020