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 tha 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 $ 410 Savings account interest $ 28 Sam's commission 2,813 School loan 218 Commuter train pass (year) 4,356 Taxes Proctor & Gamble dividend 116 Sam 3,375 Renter's Insurance (year) 435 Joan 3,206 Rocky Mountain Power bill 145 Wages & salaries AT&T bill 138 Sam 18,750 Rent 725 Joan 17,813 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 $30 per visit. They estimated that they saw the doctor (combined) 6 times during the year. Joan estimated that she spends about $175 a month on clothing and $290 a month on groceries. Name(s): Sam and Joan Wallingford For the: Year Ended: December 31, 20XX Income Dollars Wages and salaries Name: Sam Wallingford Name: Joan Wallingford $18,750 17,813.00 Bonuses and commissions Sam's commission 2,813 Investment income Proctor & Gamble dividend received 116 Savings account 0.00 (1) Total Income: $39.492.00 X Expenses Housing Rent or mortgage payment (include insurance and taxes, if applicable) 8,700 Utilities Gas, electric, water 145.00 Phone 1,656 Food Groceries 3,480 Transportation Public transportation 4,356 Auto loan 0.00 X Medical 180 Clothing 2,100 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) Sam's income and Social Security Joan's income and Social Security Insurance 435 Taxes 3,375.00 3,206 Recreation and entertainment Vacations 2,700 Other School loan 2,616 $32,949.00 (2) Total Expenses: $6,543.00 Cash Surplus or Deficit (1- 2)