Dan and June started to create a budget (based on last year's income and expense statement) but got stuck. They know that you have learned how to create budgets and are asking for your help. They would like you to input the correct values for the first three months of next year. Income and Expense Statement Name(s): Dan and June Kuryaki For the year ending: As of December 31, 20XX Dollars Income Wages and salaries Name: Dan Kuryaki Name: June Kuryaki Dan's bonus $ 21,000 18,900 2,100 $42,000 Bonuses and commissions (1) Total Income: Expenses Housing Utilities $5,400 600 300 Food Transportation Central Maine Power T-Mobile Groceries Auto loan Public transportation 1,080 3,780 2,400 900 9,975 2,500 Insurance Taxes Cruise to Mexico 700 Fun money Parents' loan (2) Total Expenses: Surplus (Deficit): $27,635 $14,365 In addition to the statement, you will need to know the following information: They estimated their net annual income (after taxes and employer deductions) at $15,750 for Dan and $14,175 for June Insurance is paid at the end of each calendar quarter June purchases her commuter pass on the first of each month The parents' loan is money they borrowed from June's parents to pay off their student loans. How much they pay each month is determined by them The fun money listed on the statement is the money spent for a cruise to Mexico. They didn't keep track of any other entertainment expenses (such as dinners out and movies) incurred during the year. $ $ $ Enter a value in each blank cell to get full credit for this exercise, and round all dollar amounts to the nearest whole dollar. Enter any cash deficit with a minus sign. Three-Month Cash Budget (By Month) Name(s): Dan and June Kuryaki For: Three months Ending: March 31, 20XX January February March Total for Three Months Income Dan's salary $1,313 1,313 $ $ June's salary 1,181 $ 1,181 Total income 2,494 $ Expenses Rent 450 450 $ Utilities: Central Maine Power 50 $ 50 $ T-Mobile 25 25 $ $ Food 90 $ 90 $ Automobile 315 315 $ Public transportation 200 $ 200 $ Insurance 0 0 $ $ Parents' loan 58 58 Fun money 208 208 $ $ Total expenses 1,396 $ 1,621 Cash surplus (deficit) 1,098 $ Cumulative surplus (deficit) $1,098 $ $ $ Looking at the completed budget, what single item would you recommend that they add to their budget? O Savings and investments Pensions and annuities O Dividend and interest income This is because: The couple needs to budget for contingencies and save for future goals. The couple needs to increase their taxable income. The couple needs to increase their distributions from their retirement plans. Dan and June started to create a budget (based on last year's income and expense statement) but got stuck. They know that you have learned how to create budgets and are asking for your help. They would like you to input the correct values for the first three months of next year. Income and Expense Statement Name(s): Dan and June Kuryaki For the year ending: As of December 31, 20XX Dollars Income Wages and salaries Name: Dan Kuryaki Name: June Kuryaki Dan's bonus $ 21,000 18,900 2,100 $42,000 Bonuses and commissions (1) Total Income: Expenses Housing Utilities $5,400 600 300 Food Transportation Central Maine Power T-Mobile Groceries Auto loan Public transportation 1,080 3,780 2,400 900 9,975 2,500 Insurance Taxes Cruise to Mexico 700 Fun money Parents' loan (2) Total Expenses: Surplus (Deficit): $27,635 $14,365 In addition to the statement, you will need to know the following information: They estimated their net annual income (after taxes and employer deductions) at $15,750 for Dan and $14,175 for June Insurance is paid at the end of each calendar quarter June purchases her commuter pass on the first of each month The parents' loan is money they borrowed from June's parents to pay off their student loans. How much they pay each month is determined by them The fun money listed on the statement is the money spent for a cruise to Mexico. They didn't keep track of any other entertainment expenses (such as dinners out and movies) incurred during the year. $ $ $ Enter a value in each blank cell to get full credit for this exercise, and round all dollar amounts to the nearest whole dollar. Enter any cash deficit with a minus sign. Three-Month Cash Budget (By Month) Name(s): Dan and June Kuryaki For: Three months Ending: March 31, 20XX January February March Total for Three Months Income Dan's salary $1,313 1,313 $ $ June's salary 1,181 $ 1,181 Total income 2,494 $ Expenses Rent 450 450 $ Utilities: Central Maine Power 50 $ 50 $ T-Mobile 25 25 $ $ Food 90 $ 90 $ Automobile 315 315 $ Public transportation 200 $ 200 $ Insurance 0 0 $ $ Parents' loan 58 58 Fun money 208 208 $ $ Total expenses 1,396 $ 1,621 Cash surplus (deficit) 1,098 $ Cumulative surplus (deficit) $1,098 $ $ $ Looking at the completed budget, what single item would you recommend that they add to their budget? O Savings and investments Pensions and annuities O Dividend and interest income This is because: The couple needs to budget for contingencies and save for future goals. The couple needs to increase their taxable income. The couple needs to increase their distributions from their retirement plans