4. Income and expense statement Aa Aa Skip and Jackie Garcia have been married for over two years. They have been trying to save for a down payment on a house, but they feel that there is never anything left over to save. They talked with their parents who suggested that they prepare an income and expense statement Skip and Jackie put together the following worksheet Worksheet $410 Savings account interest$16 3,188 School loan Car payment Skip's commission Commuter train pass ( Nike dividend Renter's Insurance (year) Dallas Power & Light bill U.S. Cellular bill Rent 218 year) 4,356 Taxes 68 Skip 435 145 Wages & salaries 138 Skip 725 3,825 3,634 Jackie 21,250 20,188 Jackie The following is some additional information For income items, they knew yearly amounts. For expenses, in some cases they knew the annual amount (for example, Jackie's monthly commuter train pass). They listed those amounts and noted them as such Unfortunately, for other expenses, they provided last month's payment, stating that the amount didn't change much from month to month Based on their employer-provided health insurance, they incur a copay of $35 per visit. They estimated that they saw the doctor (combined) 7 times during the year. . Jackie estimated that she spends about $175 a month on clothing and $290 a month on groceries They went on a Carnival Cruise trip that cost $2,200. They took an additional $500 in spending money. That was their only vacation. Prepare an annual income and expense statement for the Garcias as of December 31. Round all dollar amounts to the nearest whole dollar, and do not indlude an item in another category if a category already exists for it. If an item does not require a balance, be sure to insert a zero to avoid a loss of credit for the particular item. Income and Expense Statement Name(s) For the: Year Skip and Jackie Garcia Ended: December 31, 2017 Income Dollars Wages and salaries Name: Skip Garcia Name: Jackie Garcia Skip's commission Nike dividend received Savings account Bonuses and commissions Investment income (1) Total Income: Expenses Housing Rent taxes, if applicable) Gas, electric, water Phone or mortgage payment (include insurance and Utilities Food Transportation Public transportation Auto loan Health, major medical, disability insurance (payroll deductions are not provided by employer) Clothes, shoes, and accessories Rental or homeowner's insurance (if not covered by mortgage payment) Skip's income and Social Security Jackie's income and Social Security Vacation:s School loan Medical Clothing Insurance Taxes Recreation and entertainment Other (2) Total Expenses: Cash Surplus or Deficit (1- 2)
