HELP!! Completely confused on how to fix formatting issues and spacing issues on Adobe Acrobat.

Confirming what @Test Screen Name and @Brad @ Roaring Mouse said:

Editorial changes should be made in the original source document (ie, .docx or .indd) in their native program (ie, Word or InDesign).

Acrobat was never intended to edit the text and graphics in a PDF. In fact, it originally was designed specifically to prevent you from making changes to the PDF!

It has lousy editing tools, plus the problem with fonts crops up, such as in your screen shot. You're seeing wierd spacing  because the PDF's fonts are missing on your computer workstation and Acrobat is substituting another font. 

You should always go back to the authoring document for changes...especially since you HAVE it. Acrobat is not the tool for that and should only be used for touchups.

In any case, in order to edit text, you have to have the exact same font available on your system, otherwise it will substitute something else. Your screen shot shows that happening.

Acrobat is not the tool for making corporate docs. Editing should be kept to fixing typos. Use Word or InDesign: anything at all but not Acrobat.