Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

**Please help me solve in excel with approproate function** Income statement preparation ??Adam and Arin Adams have collected their personal income and expense information and

**Please help me solve in excel with approproate function**

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

Adam's salary $44,900 Utilities $3,180 Arin's salary 30,100 Groceries 2,180 Interest received 470 Medical 1,500 Dividends received 110 Property taxes 1,662 Auto insurance 570 Income tax, Social Security 13,500 Home insurance 780 Clothes and accesories 1,950 Auto loan payment 3,300 Gas and auto repair 2,120 Mortgage payment 14,100 Entertainment 2,040

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?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Foundations Of Finance The Logic And Practice Of Finance Management

Authors: Arthur J. Keown, John H. Martin, David F. Scott, John Petty, J. William Petty

5th Edition

0132019299, 9780132019293

More Books

Students also viewed these Finance questions