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 Steve's commission 2,813 School loan $ 50 165 Commuter train pass (year) 3,300 Taxes Nike dividend 210 Steve 3,375 Renter's Insurance (year) 330 Jane 3,206 Dallas Power & Light bill 110 Wages & salaries U.S. Cellular bill 105 Steve Rent 550 Jane 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, 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 $30 per visit. They estimated that they saw the doctor (combined) 6 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 Carnival Cruise trip that cost $1,750. They took an additional $500 in spending money. That was their only vacation.