Reference no: EM132132054

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. 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. Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) Adam's salary $44,600 Utilities $3,170 Arin's salary 30,100 Groceries 2,180 Interest received 500 Medical 1,480 Dividends received 110 Property taxes 1,662 Auto insurance 630 Income tax, Social Security 12,600 Home insurance 730 Clothing and accessories 2,020 Auto loan payment 3,270 Gas and auto repair 2,100 Mortgage payment 14,300 Entertainment 2,020.