6. Income and expense statement Stan and Julie Wallace 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. Stan and Julie put together the following worksheet. Worksheet Car payment $ 410 Savings account interest $ 50 Stan's commission 2,813 School loan 165 Commuter train pass (year) 3,300 Taxes Nike dividend 210 Stan 3,375 3,206 Renter's Insurance (year) 330 Julie Dallas Power & Light bill 110 Wages & salaries U.S. Cellular bill 105 Stan 18,750 Rent 550 Julie 17,813 The following is some additional information. Prepare an annual income and expense statement for the Wallaces 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 balance, be sure to insert a zero to avoid a loss of credit for the particular item. Income and Expense Statement Name(s): Stan and Julie Wallace For the: Year Ended: December 31, 20XX Income Dollars Wages and salaries Name: Stan Wallace $18,750 Name: Julie Wallace Bonuses and commissions Stan's commission 2,813 Investment income Nike dividend received 210 Savings account (1) Total Income: $ Expenses Housing 6,600 Rent or mortgage payment (include insurance and taxes, if applicable) Gas, electric, water Utilities Phone 1,260 Food Groceries 2,640 Transportation Public transportation 3,300 Auto loan Medical 125 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) Clothing 1,800 Insurance 330 Taxes Stan's income and Social Security Julie's income and Social Security 3,206 Recreation and entertainment Vacations 2,250 Other School loan (2) Total Expenses: Cash Surplus or Deficit (1- 2): 1,980 $ $