Spreadsheet Project Finance for Managers MGT-325-OL01 Sandi Tucker 11/14/17 926
ID: 2786577 • Letter: S
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Spreadsheet Project Finance for Managers MGT-325-OL01 Sandi Tucker 11/14/17 926 pM Homework: Spreadsheet Project Score: 0 of 5 pts P3-4 (similar to) Save 2 of 20 (1 complete) HW Score: 496, 4 of 100 pts -Question Help Income statement preparation Adam and Arin Adams an income and expense statement for the year ended December 31, 2015. The following information is received from the Adams have collected their personal income and expense information and have asked you to put together 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? Personal Income and xpense statement Period Ended December 31, 2015 Income Adam's salary Arin's salary interest received Dividends received Total Income Enter any number in the edit fields and then click Check Answer Clear All Check AnswerExplanation / Answer
Personal Income and Expense Statement
For period ending Dec-2015
Adam's Salary $44,800
Arin's Salary $29,600
Interest Received $ 510
Dividend Received $ 160
Total Income $75,070
Auto Insurance $ 650
Home Insurance $ 720
Auto Loan $ 3,340
Mortgage Payment $14,400
Utilities $ 3,190
Groceries $ 2,220
Medical $ 1,550
Property Tax $ 1,660
Income Tax $12,700
Clothing $ 2,020
Gas and Auto Repair $ 2,090
Entertainment $ 2,050
Total Expenses $46,590
Net Cash $28,480
Since, the net cash is positive, hence, there is cash surplus. They can use this surplus cash for investments in some securities or deposit account to secure their future.
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