Income and Expense Statement Name(s): Pedro and Lucy McDermott For the year ending: As of December 31 Pedro and Lucy 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. Dollars Income In addition to the statement, you will need to know the following information: Wages and salaries $ 20,000 Name: Pedro McDermott Name: Lucy McDermott Pedro's bonus 18,000 2,000 Bonuses and commissions (1) Total Income: They estimated their net annual income (after taxes and employer deductions) at $15,000 for Pedro and $13,500 for Lucy Insurance is paid at the end of each calendar quarter Lucy purchases her commuter pass on the first of each month $40,000 Expenses Housing Utilities Food Transportation Central Maine Power T-Mobile Groceries Auto loan Public transportation $6,756 756 372 1,356 4,320 3,000 1,126 9,500 3,500 875 $31,561 $8,439 The parents' loan is money they borrowed from Lucy'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. Insurance Taxes Fun money Parents' loan (2) Total Expenses: Surplus (Deficit): Cruise to Mexico Note: Enter a value in each blank cell to get full credit for this exercise, and round all dollar amounts to the nearest whole dollar. Three-Month Cash Budget (By Month) Name(s): Pedro and Lucy McDermott For: Three months Ending: March 31 January February March Total for Three Months Income Pedro's salary Lucy's salary Total income Expenses Rent Utilities: Central Maine Power T-Mobile Food Automobile Public transportation Insurance Parents' loan Fun money Total expenses Cash surplus (deficit) Cumulative surplus (deficit)