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, 2019. You have received the following information from the Adams family.

a. Create a personal income and expense statement for the period ended December 31, 2019. 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?

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Adam's salary Arin's salary Interest received Dividends received Auto insurance Home insurance Auto loan payment Mortgage payment Utilities Groceries Medical $45,000 $ 3,200 30,000 2,200 500 1,500 Property taxes Income tax, Social Security Clothes and accessories Gas and auto repair Entertainment 150 1,659 600 13,000 750 2,000 3,300 2,100 14,000 2,000