2. Preparing income and expense statement. Use Worksheet 2.2(attached below) Ariana and Nicholas Poterson are about to construct their income and expense statement for the year ending December 31, 2020. Nicholas is finishing up college and currently has no income. They have put together the following income and expense information for 2020: $47000 1.950 110 Ariana's salary Reimbursement for travel expenses Interest on: Savings account Bonds of Delta Corporation Groceries Rent Utilities Gas and auto expenses Nicholas' tuition, books, and supplies Books, magazines, and periodicals Clothing and other miscellaneous expenses Cost of photographic equipment purchased with charge card Amount paid to date on photographic equipment Ariana's travel expenses Purchase of a used car (cost) Outstanding loan balance on car Purchase of bonds in Delta Corporation 70 4,150 9,600 960 650 3,300 280 2,700 2,200 1.600 1,950 9,750 2300 4,900 Using the information provided, prepare an income and expense statement for the Petersons for the year ending December 31, 2020 (follow the form shown in Worksheet 2.2), Arianna and Nicholas Peterson Ended Name(s) For the month or year) Income Wages and salaries Name: Name: Name: 10 11 Self-employment income 12 Bonuses and commissions 13 Investment income 15 16 17 18 Pensions and annuities 19 Other income Interest received Dividends received Rents received Sale of securities - Gain or Loss Other: Relmbursement of travel expenses 0) Total income $ S 20 21 Expenses 22 Housing 23 24 25 Utilities 26 27 28 Food 29 30 Transportation 31 32 33 Medical 34 35 36 Clothing 37 Insurance 38 39 10 Taxes 91 12 Appliances, furniture, and other 13 major purchases 14 Personal care 15 Recreation and entertainment 16 Rent/mortgage payment (include insurance and taxes, if applicable) Repairs, maintenance, improvements Gas, electric, water Phone Cable TV and other Groceries Dining out Auto loan payments License plates, fees, etc. Gas, oil, repairs, tires, maintenance Health, major medical, disability insurance (payroll deductions or not provided by employer Doctor, dentist, hospital, medicines Clothes, Shoes, and accessories Homeowner's (if not covered by mortgage payment) Life (not provided by employer) &/or long-term Care Auto Income and social security Property (if not included in mortgage) Loan payments Purchases and repairs Laundry, cosmetics, hair care Vacations Other recreation and entertainment 27 20 21 Expenses 22 Housing Rent/mortgage payment 23 (include insurance and taxes, if applicable) 24 Repairs, maintenance, improvements 25 Utilities Gas, electric, water 26 Phone Cable TV and other 28 Food Groceries 29 Dining out 30 Transportation Auto loan payments 31 License plates, fees, etc. 32 Gas, oil, repairs, tires, maintenance 33 Medical Health, major medical, disability insurance 34 (payroll deductions or not provided by employer) 35 Doctor, dentist, hospital, medicines 36 Clothing Clothes, shoes, and accessories 37 Insurance Homeowner's (if not covered by mortgage payment) 38 Life (not provided by employer) & /or long-term Care 39 Auto 40 Taxes Income and social security 41 Property (if not included in mortgage) 42 Appliances, furniture, and other Loan payments 43 major purchases Purchases and repairs 44 Personal care Laundry, cosmetics, hair care 45 Recreation and entertainment Vacations 46 Other recreation and entertainment 47 Other items Books, tuition, and supplies 18 Photographic equipment - amount paid 19 Travel expenses 30 (1) Total Expenses $ CASH Net Income (OR DEFICIT (00-01) $ 3 4 Note: The blue areas are unprotected. You may enter or overwrite data in these cells