Attempts Keep the Highest/1 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 $ 16 Savings account interest 3,375 Steve's commission 115 School loan Commuter train pass (year) 2,256 Taxes Nike dividend 68 Steve 4,050 Renter's Insurance (year) 225 Jane 3,848 Dallas Power & Light bill 75 Wages & salaries U.S. Cellular bill 71 Steve 22,500 375 Rent Jane 21,375 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 $20 per visit. They estimated that they saw the doctor (combined) 4 times during the year. Jane estimated that she spends about $175 a month on clothing and $150 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 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 Dollars Income Wages and salaries Name: Steve Ibarra $22,500 Name: Jane Ibarra Bonuses and commissions Steve's commission 3,375 68 Investment income Nike dividend received Savings account S (1) Total Incomes Expenses 4,500 Housing Rent or mortgage payment (include insurance and taxes, if applicable) Ubilities Gas, electric, water 552 Phone 1,800 Food Groceries 2,256 Transportation Public transportation Auto loan 80 Medical Health, major medical, disability insurance (payroll deductions are not provided by employer) 2,100 Clothing Clothes, Shoes, and accessones Rental or homeowner's insurance (if not covered by mortgage payment) 225 Insurance Taxes Steve's income and Social Security Jane's income and Social Security Bonuses and commissions Steve's commission 3,375 68 Investment income Nike dividend received Savings account $ (1) Total Income: Expenses Housing 4,500 Rent or mortgage payment (include insurance and taxes, if applicable) Utilities Gas, electric, water Phone BS2 Food Groceries 1,800 Transportation 2,256 Public transportation Auto loan 80 Medical Health, major medical, disability insurance (payroll deductions are not provided by employer) Clothing 2,100 Clothes, shoes, and accessories Insurance 225 Rental or homeowner's insurance (if not covered by mortgage payment) Taxes Steve's income and Social Security Jane's income and Social Security 3,848 Recreation and entertainment Vacations Other School loan 2,250 1,356 5 (2) Total Expenses: S Cash Surplus or Deficit (1- 2)
