P3-3

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?

P3-3 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, 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