6. Income and expense statement Sam and Joan Wallingford 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. Sam and Joan put together the following worksheet. Worksheet Car payment Sam's commission $410 Savings account interest $ 50 3,000 School loan 165 Commuter train pass (year) 3,300 Taxes IBM dividend 210 Sam 3,600 Renter's Insurance (year) 330 Joan 3,420 Central Maine Power bill 110 Wages & salaries T-Mobile bill 105 Sam Rent 550 Joan 20,000 19,000 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, Joan's 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 $25 per visit. They estimated that they saw the doctor (combined) 5 times during the year. Joan estimated that she spends about $100 a month on clothing and $220 a month on groceries. They went on a Norwegian Cruise trip that cost $1,750. They took an additional $500 in spending money. That was their only and Budgets Prepare an annual income and expense statement for the Wallingfords as of December 31. Round all dollar amounts to the nearest whole dollar, and do not include 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): Sam and Joan Wallingford For the: Year Ended: December 31, 20XX Income Wages and salaries Bonuses and commissions Investment income (1) Total Income: Name: Sam Wallingford Name: Joan Wallingford Sam's commission IBM dividend received Savings account Dollars $20,000 3,000 210 Expenses Housing Utilities Food Transportation Medical Clothing Insurance Taxes Rent or mortgage payment (include insurance and taxes, if applicable) Gas, electric, water 6,600 Phone Groceries Public transportation 1,260 2,640 3,300 Auto loan Health, major medical, disability insurance (payroll deductions are not provided by employer) 125 Clothes, shoes, and accessories Rental or homeowner's insurance (if not covered by mortgage payment) 1,200 330 Recreation and entertainment Other (2) Total Expenses: Sam's income and Social Security Joan's income and Social Security Vacations School loan 3,420 2,250 1,980.