6. Income and expense statement Steve and Jane 1Ibarra 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 lncome and expense statement. Steve and Jane put together the following worksheet. Worksheet Car payment $315 Savings account interest $50 Steve's commission 3,188 School loan 165 Commuter train pass (year) 3,300 es Apple dividend 210 Steve 3,825 Renter's Insurance (year) 330 Jane 3,634 Puget Sound Energy bill 110 Wages & salaries Verizon bill 105 Steve 21,250 Rent 550 Jane 20,188 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, Jane's monthly 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 $35 per visit. They estimated that they saw the doctor (combined) 7 times during the year. For Income items, they knew yearly amounts. For expenses, in some cases they knew the annual amount (for example, Jane's monthly 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 didnt change much from month to month. Based on their employer-provided health insurance, they incur a copay of $35 per visit. They estimated that they saw the doctor (combined) 7 times during the year. Jane estimated that she spends about $150 a month on dlothing and $220 a month on groceries They went on a Disney 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 Ibarras as of December 31. Round all dollar amount 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): Steve and Jane Ibarra For the: Year I Ended: December 31, 2017 Income Dollars Wages and salaries Name: Steve Ibarra Name: Jane 1barra Bonuses and commissions Steve's commission Investment income Apple dividend received Savings account (1) Total Income: Expenses Housing Rent or mortgage payment (include insurance and taxes, if applicable) For the: Year I Ended: December 31, 2017 Dollars Income Name: Steve Ibarra Wages and salaries Name: Jane Ibarra $ Steve's commission Bonuses and commissions Apple dividend received Investment income Savings account (1) Total Income: Expenses Rent or mortgage payment (include insurance and taxes, if applicable) Housing Gas, electric, water Utilities Phone Groceries Food Public transportation Transportation Auto loan Health, major medical, disability insurance (payroll deductions are not provided by Medical employer) Clothes, shoes, and accessories Clothing Rental or homeowner's insurance (if not covered by mortgage payment) Insurance Steve's income and Social Security es Jane's income and Social Security Vacations Recreation and entertainment School loan Other (2) Total Expenses: Cash Surplus or Deficit (1-2)
