2. Ruth has the following income and expense items for the year just ended. Prepare an income and expense statement for her, showing every item (it is not necessary to put in each category just the main categories of income and expenses).. After you have prepared Ruths income and expense statement, calculate her savings ratio.

Tuition $5,500 Scholarship $2,500

Rent $7,200 Food $3,700

Utilities $2,200 Insurance premium $ 750

Salary (gross) $31,000 Textbooks $900

Clothing $800 Gas $1,300

Phone $960 Car payment $4,620

Prescriptions $475 Taxes $2,150