6. Income and expense statement Steve and Jane Ibarra 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. Steve and Jane put together the following worksheet. Worksheet Car payment $315 Savings account interest $ 50 2,813 School loan 165 3,300 Taxes 210 Steve 3,375 Steve's commission Commuter train pass (year) Proctor & Gamble dividend Renter's Insurance (year) Rocky Mountain Power bill AT&T bill Rent 330 Jane 3,206 110 Wages & salaries 105 Steve 18,750 17,813 550 Jane 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 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. Jane estimated that she spends about $200 a month on clothing and $220 a month on groceries. They went on a Princess Cruise trip that cost $1,750. They took an additional $500 in spending money. That was their only vacation. 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 | Ended: December 31, 20XX Income Dollars $18,750 Wages and salaries Name: Steve Ibarra Name: Jane Ibarra Bonuses and commissions Steve's commission 2,813 210 Investment income Proctor & Gamble dividend received 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 2,640 Food Groceries Transportation Public transportation 3,300 Auto loan Medical 245 Health, major medical, disability insurance (payroll deductions are not provided by employer) Clothing Clothes, shoes, and accessories 2,400 Insurance Rental or homeowner's insurance (if not covered by mortgage payment) 330 Taxes Steve's income and Social Security 3,206 Jane's income and Social Security Vacations Recreation and entertainment 2,250 Other School loan 1.980 (2) Total Expenses: $ Cash Surplus or Deficit (1- $ 2): 6. Income and expense statement Steve and Jane Ibarra 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. Steve and Jane put together the following worksheet. Worksheet Car payment $315 Savings account interest $ 50 2,813 School loan 165 3,300 Taxes 210 Steve 3,375 Steve's commission Commuter train pass (year) Proctor & Gamble dividend Renter's Insurance (year) Rocky Mountain Power bill AT&T bill Rent 330 Jane 3,206 110 Wages & salaries 105 Steve 18,750 17,813 550 Jane 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 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. Jane estimated that she spends about $200 a month on clothing and $220 a month on groceries. They went on a Princess Cruise trip that cost $1,750. They took an additional $500 in spending money. That was their only vacation. 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 | Ended: December 31, 20XX Income Dollars $18,750 Wages and salaries Name: Steve Ibarra Name: Jane Ibarra Bonuses and commissions Steve's commission 2,813 210 Investment income Proctor & Gamble dividend received 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 2,640 Food Groceries Transportation Public transportation 3,300 Auto loan Medical 245 Health, major medical, disability insurance (payroll deductions are not provided by employer) Clothing Clothes, shoes, and accessories 2,400 Insurance Rental or homeowner's insurance (if not covered by mortgage payment) 330 Taxes Steve's income and Social Security 3,206 Jane's income and Social Security Vacations Recreation and entertainment 2,250 Other School loan 1.980 (2) Total Expenses: $ Cash Surplus or Deficit (1- $ 2)