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Income and expense statement

Stan and Julie Wallace 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.

Stan and Julie put together the following worksheet.

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, Julie'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 $$15$ per visit. They estimated that they saw the doctor

$($combined$)3$ times during the year:

Julie estimated that she spends about $$175$ a month on clothing and $$220$ a month on groceries.

They went on a Disney Cruise trip that cost $$1,750.$ They took an additional $$500$ in spending money. That was their only vacation.