Assignment: Chapter 02 Using Financial Statements and Budgets Sam and Joan Wallingford have been marned 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 suppested that they prepare an income and expense statement. Sam and Jean put together the following worksheet. Worksheet Car payment $410 Savings account interest $50 2,813 School lean 218 Commuter train pass (year) 4,356 Taxes Apple dividend 210 Sem 3,375 Renters Insurance (year) 435 Joan 3,206 Puget Sound Energy bill 145 Wages&salaries Verizon bil 138 Sam 725 Joan 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, Joan's commuter train pass). They listed those amounts and noted them as such Unfortunately, for other expenses, they provided last month's payment, s marth didn't change much from month to Based on their employer-provided health insurance, they incur a copay of $25 per visit. They estimated that they saw the doctor (combined) 5 times during the year. Joan estimated that she spends about $100 a month on clothing and $290 a month on groceries. They went on a Disney Cruise trip that cost $1,975. They took an additional $500 in spending money. That was their only vacation. Prepare an annual income and expense statement for the Wallingfords 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): Sam and Joan Wallingford For the Year Ended: December 31, 20xx Income Wages and salaries Bonuses and commissions Investment jocome (1) Total Income Expenses Housing Name: Sam Wallingford Name: Joan Wallingford Sam's commission Apple dividend received Savings account Dollars $18,750 2,813 210 $ Rent or mortgage payment (include insurance and taxes, if applicable) Gas, electric, water 8,700 Food Phone Groceries 1,656 3,480 Assignment: Chapter 02 Using Financial Statements and Budgets 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, Joan'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 $25 per visit. They estimated that they saw the doctor (combined) 5 times during the year Joan estimated that she spends about $100 a month on clothing and $290 a month on groceries. They went on a Disney Cruise trip that cost $1,975. They took an additional $500 in spending money. That was their only vacation Prepare an annual income and expense statement for the Wallingfords 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): Sam and Joan Wallingford For the Year Ended: December 31, 20XX Income Wages and salaries Name: Sam Wallingford Dollars $18,750 Bonuses and commissions Investment income Name: Joan Wallingford Sam's commission Apple dividend received (1) Total Income: Expenses Housing Utilities Food Transportation Medical Clothing Insurance Savings account 2,813 210 5 Rent or mortgage payment (include insurance and taxes, if applicable) Gas, electric, water 8,700 Phone Groceries 1,656 3,480 4,356 Public transportation Auto loan Health, major medical, disability insurance (payroll deductions are not provided by employer) 125 Clothes, shoes, and accessories Rental or homeowner's insurance (if not covered by mortgage payment) 1,200 435 Taxes Recreation and entertainment Other (2) Total Expenses Cash Surplus or Deficit (1- 201 Sam's income and Social Security Joan's income and Social Security Vacations School loan 3,206 2,475 2,616 $ $ Sam and Joan Wallingford 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. Sam and Joan put together the following worksheet. Worksheet Car payment $410 Savings account interest $50 Sam's commission 2,813 School loan 218 Commuter train pass (year) 4,356 Taxes Apple dividend 210 Sam 3,375 Renter's Insurance (year) 435 Joan 3,206 Puget Sound Energy bill 145 Wages & salaries Verizon bill 138 Sami Rent 725 Joan 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, Joan'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 $25 per visit. They estimated that they saw the doctor (combined) 5 times during the year. Joan estimated that she spends about $100 a month on clothing and $290 a month on groceries. They went on a Disney Cruise trip that cost $1,975. They took an additional $500 in spending money. That was their only vacation. Prepare an annual income and expense statement for the Wallingfords 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. Prepare an annual income and expense statement for the Wallingfords 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): Sam and Joan Wallingford For the: Year Ended: December 31, 20XX Income Wages and salaries Bonuses and commissions Investment income (1) Total Income: Expenses Housing Name: Sam Wallingford Name: Joan Wallingford Sam's commission Apple dividend received Savings account Dollars $18,750 2,813 210 $ Utilities Food Transportation Medical Clothing Insurance Rent or mortgage payment (include insurance and taxes, if applicable) 8,700 Gas, electric, water Phone Groceries 1,656 3,480 4,356 Public transportation Auto loan Health, major medical, disability insurance (payroll deductions are not provided by employer) 125 Clothes, shoes, and accessories Rental or homeowner's insurance (if not covered by mortgage payment) Taxes: Recreation and entertainment Other (2) Total Expenses: Cash Surplus or Deficit (1- 2): Sam's income and Social Security Joan's income and Social Security Vacations School loan 1,200 435 3,206 2,475 2,616 $ $