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 Skop's commission $315 Savings account interest $16 2,813 School loan 218 Commuter train pass (year) 4,356 Taxes IBM dividend 68 Skip 3,375 Renter's Insurance (year) 435 Jadie 3,206 Central Maine Power bill 145 Wages & salaries T-Mobile bill 138 Skip Rent 725 Jackie 18,750 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, 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 $100 a month on dothing and $290 a month on groceries. Ch 02: Assignment-Using Financial Statements and Budgets 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 $100 a month on clothing and $290 a month on groceries, They went on a Norwegian 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 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 Bonuses and commissions Investment income (1) Total Income: Name: Skip Garcia Name: Jackie Garcia Skop's commission IBM dividend received Savings account Dollars $18,750 2,813 68 Expenses Housing Utilities Rent or mortgage payment (indude insurance and taxes, if applicable) Gas, electric, water 8,700 Phone Food Transportation Groceries Auto loan Medical 1,656 3,400 4,350 Public transportation Health, major medical, disability insurance (payroll deductions are not provided by 125 C Name(s): Skip and Jackie Garcia For the: Year | Ended: December 31, 20xx Income Wages and salaries: Bonuses and commissions Name: Skip Garoa Name: Jackie Garcia Skop's commission Investment income IBM dividend received Savings account Dollars $18,750 2,813 68 (1) Total Income: Expenses Housing Rent or mortgage payment (include insurance and taxes, if applicable) 8,700 Utilities Gas, electric, water Food Transportation Medical Clothing Insurance Taxes Phone Groceries 1,656 2,480 4,356 Public transportation Auto loan Health, major medical, disability insurance (payroll deductions are not provided by 125 employer) Clothes, shoes, and accessories Rental or homeowner's insurance (if not covered by mortgage payment) 1,200 435 Recreation and entertainment Other (2) Total Expenses: Cash Surplus or Deficit (1-2): Skop's income and Social Secunty Jacoe's income and Social Security Vacations School loan 3,206 2,700 2,616 S S