6. Income and expense statement 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 Car payment $ 315 Savings account interest $ 50 Skip's commission 3,375 School loan 165 Commuter train pass (year) 3,300 Taxes IBM dividend 210 Skip 4,050 Renter's Insurance (year) 330 Jackie 3,848 Central Maine Power bill 110 Wages & salaries T-Mobile bill Rent 105 550 Skip Jackie 22,500 21,375 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 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. Jackie estimated that she spends about $125 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 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 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): Skip and Jackie Garcia For the: Year | Ended: December 31, 20XX Income Wages and salaries Dollars $22,500 Bonuses and commissions Investment income (1) Total Income: Expenses Housing Utilities Food Transportation Medical Clothing Insurance Taxes Name: Skip Garcia Name: Jackie Garcia Skip's commission IBM dividend received Savings account 3,375 210 Rent or mortgage payment (include insurance and taxes, if applicable) 6,600 Gas, electric, water Phone Groceries 1,260 2,640 3,300 Public transportation 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) Skip's income and Social Security Recreation and entertainment Other (2) Total Expenses: Cash Surplus or Deficit (1- 2): Jackie's income and Social Security Vacations School loan 1,500 330 3,848 2,250 1,980 $