Create Income Statement Use the following to create an income statement (excel template provided below) You pay a $350 car payment You receive your monthly gross salary of $2,700 You receive a rent payment from your roommate of $450 per month You pay your medical insurance of $75 a month You pay your condo insurance of $25 You pay your car insurance of $100 You pay for monthly groceries of $275 Your monthly utilities are due You owe $185 You pay $25 toward your credit card Your monthly bill for gasoline comes in and you must pay $175 Its your mothers birthday You purchase a $50 present Taxes come out of your paycheck Federal Tax $250 and State Tax $50 and Social Security $250 You go to a movie with a friend that costs $40 You put $100 into a savings account for a vacation at the beach You put $200 in your Roth IRA and $125 in your employer's 401k Your employer also matches your contribution 100 for the 401k You hit a pothole and have a flat tire You must pay $65 for a new one You go out to dinner with friends Your bill is $45 You find the perfect outfit for your date this weekend You pay $100 for the outfit You pay your condo mortgage payment of $750 You just received your income tax refund of $1,000 You decided to spend half on a flat screen TV You pay a $150 student loan payment File Home Insert Draw Page Layout Formulas Data Review View Au H31 fx A B C D E F G For the income statement, fill in the income and expenses (grey cells) based on the facts given in the assignment You are welcome to classify expenses as either discretionary non discretionary or fixed variable The formulas should calculate the total income and the total expenses Create a formula to find the surplus or deficit Income Statement From (Month, Year) to (Month, Year)

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 10, 2024

Create Income Statement Use the following to create an income statement (excel template provided below). You pay a $350 car payment. You receive your monthly

Create Income Statement

Use the following to create an income statement (excel template provided below).

You pay a $350 car payment.
You receive your monthly gross salary of $2,700.
You receive a rent payment from your roommate of $450 per month.
You pay your medical insurance of $75 a month.
You pay your condo insurance of $25.
You pay your car insurance of $100.
You pay for monthly groceries of $275.
Your monthly utilities are due. You owe $185.
You pay $25 toward your credit card.
Your monthly bill for gasoline comes in and you must pay $175.
Its your mothers birthday. You purchase a $50 present.
Taxes come out of your paycheck. Federal Tax $250 and State Tax $50 and Social Security $250.
You go to a movie with a friend that costs $40.
You put $100 into a savings account for a vacation at the beach.
You put $200 in your Roth IRA and $125 in your employer's 401k. Your employer also matches your contribution 100% for the 401k.
You hit a pothole and have a flat tire. You must pay $65 for a new one.
You go out to dinner with friends. Your bill is $45.
You find the perfect outfit for your date this weekend. You pay $100 for the outfit.
You pay your condo mortgage payment of $750.
You just received your income tax refund of $1,000. You decided to spend half on a flat-screen TV.
You pay a $150 student loan payment.

File Home Insert Draw Page Layout Formulas Data Review View Au H31 fx A B C D E F G For the income statement, fill in the income and expenses (grey cells) based on the facts given in the assignment. You are welcome to classify expenses as either discretionary \& non-discretionary or fixed \& variable. The formulas should calculate the total income and the total expenses. Create a formula to find the surplus or deficit. Income Statement From (Month, Year) to (Month, Year)