PRE P ARIN G P E RSO N AL IN CO M E AN D E X P E N SE STATE M E N T. Use Worksheet 2.2. Ivy and Jack Davis are about to construct their income and expense statement for the year ending December 31, 2017. Ivy works full time while Jack is finishing up graduate school. They have put together the following income and expense information for 2017:

Ivy’s salary $47,000 Reimbursement for travel expenses 1,950 Interest on:

Savings account 110 Bonds of Gamma Corporation 70 Groceries 4,150 Rent 9,600 Utilities 960 Gas and auto expenses 650 Jack’s tuition, books, and supplies 3,300 Books, magazines, and periodicals 280 Clothing and other miscellaneous expenses 2,700 Cost of photographic equipment purchased with charge card 2,200 Amount paid this year on photographic equipment 1,600 Ivy’s travel expenses 1,950 Purchase of a used car (cost) 9,750 Outstanding loan balance on car 7,300 Purchase of bonds in Gamma Corporation 4,900 Using the information provided, prepare an income and expense statement for the Davis’ for the year ending December 31, 2017 (follow the form shown in Worksheet 2.2). L01