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6. Income and expense statement Skip and Jackle Garcia 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. Skip and Jackle put together the following worksheet. $ 16 165 Worksheet Car payment $410 Savings account interest Skip's commission 3,375 School loan Commuter train pass (year) 3,300 Taxes Apple dividend 68 Skip Renter's Insurance (year) 330 Jackie Puget Sound Energy bill 110 Wages & salaries Verizon bill 105 Skip Rent 550 Jackie 4,050 3,848 22,500 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, Jackie's 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, Jackie'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 $25 per visit. They estimated that they saw the doctor (combined) 5 times during the year. Jackie estimated that she spends about $200 a month on clothing and $220 a month on groceries. . They went on a Disney Cruise trip that cost $1,975. They took an additional $500 in spending money. That was their only vacation. . Prepare an annual income and expense statement for the Garcias 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): Skip and Jackie Garcia For the: Year Ended: December 31, 20xx Assignment: Chapter 02 Using Financial Statements and Budgets Income Wages and salaries Dollars $22,500 Bonuses and commissions Investment income Name: Skip Garcia Name: Jackie Garcia Skip's commission Apple dividend received Savings account 3,375 68 s (1) Total Income Expenses Housing Utilities 6,600 Food Transportation 1.200 2,640 3,300 Medical 125 Rent or mortgage payment (include Insurance and taxes, if applicable) Gas, electric, water Phone Groceries Public transportation Auto loan Health, major medical disability insurance (payroll deductions are not provided by employer) Clothes, Shoes, and accessories Rentai or homeowner's insurance (if not covered by mortgage payment) Skip's income and Social Security Jackie's income and Social Security Vacations School loan Clothing Insurance 2,400 330 Taxes 3,845 2,475 1.980 Recreation and entertainment Other (2) Total Expenses: Cash Surplus or Deficit (1 2): S $