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 $ 39 218 Worksheet Car payment $ 410 Savings account interest Steve's commission 2,813 School loan Commuter train pass (year) 4,356 Taxes Proctor & Gamble dividend 163 Steve Renter's Insurance (year) 435 Jane Rocky Mountain Power bill 145 Wages & salaries AT&T bili 138 Steve Rent 725 Jane 3,375 3,206 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. ssignment: Chapter 02 Using Financial Statements and Budgets . 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 $175 a month on clothing and $290 a month on groceries. They went on a Princess 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 Ibarras 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): Steve and Jane Ibarra For the Year Ended: December 31, 20xx Income Dollars Wages and salaries Name: Steve Ibarra $18,750 Name: Jane Ibarra Bonuses and commissions Steve's commission 2,813 Investment income Proctor & Gamble dividend received 163 Savings account (1) Total Income: Expenses Housing Rent or mortgage payment (include Insurance and taxes, if applicable) 8,700 Utilities Gas, electric, water Online GAD CENGAGE | MINDTAP Q Search this cour ssignment: Chapter 02 Using Financial Statements and Budgets Dollars Income Wages and salaries $18,750 2,813 Bonuses and commissions Investment income Name: Steve Ibarra Name: Jane Ibarra Steve's commission Proctor & Gamble dividend received Savings account 163 (1) Total Income: Expenses Housing Utilities 8,700 1,656 3,480 Food Transportation 4,356 Rent or mortgage payment (include Insurance and taxes, if applicable) Gas, electric water Phone Groceries Public transportation Auto loan 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) Steve's income and Social Security Jane's income and Social Security 245 Medical 2,100 Clothing Insurance 435 Taxes Recreation and entertainment Vacations 3,206 2,700 2,616 School loan Other (2) Total Expenses: Cash Surplus or Deficit (1- $ 5 Onting HPG 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 $ 39 218 Worksheet Car payment $ 410 Savings account interest Steve's commission 2,813 School loan Commuter train pass (year) 4,356 Taxes Proctor & Gamble dividend 163 Steve Renter's Insurance (year) 435 Jane Rocky Mountain Power bill 145 Wages & salaries AT&T bili 138 Steve Rent 725 Jane 3,375 3,206 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. ssignment: Chapter 02 Using Financial Statements and Budgets . 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 $175 a month on clothing and $290 a month on groceries. They went on a Princess 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 Ibarras 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): Steve and Jane Ibarra For the Year Ended: December 31, 20xx Income Dollars Wages and salaries Name: Steve Ibarra $18,750 Name: Jane Ibarra Bonuses and commissions Steve's commission 2,813 Investment income Proctor & Gamble dividend received 163 Savings account (1) Total Income: Expenses Housing Rent or mortgage payment (include Insurance and taxes, if applicable) 8,700 Utilities Gas, electric, water Online GAD CENGAGE | MINDTAP Q Search this cour ssignment: Chapter 02 Using Financial Statements and Budgets Dollars Income Wages and salaries $18,750 2,813 Bonuses and commissions Investment income Name: Steve Ibarra Name: Jane Ibarra Steve's commission Proctor & Gamble dividend received Savings account 163 (1) Total Income: Expenses Housing Utilities 8,700 1,656 3,480 Food Transportation 4,356 Rent or mortgage payment (include Insurance and taxes, if applicable) Gas, electric water Phone Groceries Public transportation Auto loan 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) Steve's income and Social Security Jane's income and Social Security 245 Medical 2,100 Clothing Insurance 435 Taxes Recreation and entertainment Vacations 3,206 2,700 2,616 School loan Other (2) Total Expenses: Cash Surplus or Deficit (1- $ 5 Onting HPG