come siatement preparation Adan and Arin Adans have cslecdes eir b. Did the Adim

Question

come siatement preparation Adan and Arin Adans have cslecdes eir b. Did the Adims tanily have a canh surpius or cash dec a. Create a personal ncane and ??? ard have asked you to pat neranname ndepensestatermenththe year ended Dec 31, 2015. T imes mrnalin O Oata labk Conplete trhe income part of the personal ncome and epene tatemant tor the pored ended December 31,2015 Rand to the nearesl dota Personal Income and Expense Statement Perid Fnded December 31, 2015 Arm's salary Adan's salary 530 Medca 1540 2040 2.143 90 Cothing and accesos Duidends received Total Income Mertgage peyment Pint Don Personal icome and Expense Statement Con er Eed Dece 31 2015 Expenses Enter any number n e edt flds and then cn to the st question

Explanation / Answer

Numbers are not clear so there is possibility some will be some difference but method I have used is correct.

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 $44,500 Arin’s salary $29,900 Interest received $530 Dividends received $190 Total Income $75,120 Expenses Mortgage payments $13,500 Utility expense $3,160 Groceries $2,250 Auto loan payment $3,350 Home insurance $790 Auto insurance $630 Medical expenses $1,540 Property taxes $1,654 Income tax and social security $13,400 Clothes and accessories $2,040 Gas and auto repair $2,140 Entertainment $1,950 Total Expenses $46,404 Cash Surplus or (Deficit) $28,716 b. Did the Adams family have a cash surplus or cash? deficit? Cash Surplus,since income exceeds expenses c.If the result is a? surplus, how can the Adams family use that? surplus? The Adam family use that surplus in investing long term or short term investments,payoff their liabilities,buy home, buy necessary things, deposit in the saving bank account.

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