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6. Income and expense statement Sam and Joan Wallingford 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. Sam and Joan put together the following worksheet. Worksheet Car payment $ 315 Savings account interest $ 39 Sam's commission 3,375 School loan 218 Commuter train pass (year) 4,356 Taxes IBM dividend 163 Sam 4,050 Renter's Insurance (year) 435 Joan 3,848 Central Maine Power bill 145 Wages & salaries T-Mobile bill 138 Sam 22,500 Rent 725 Joan 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, Joan'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. Joan estimated that she spends about $125 a month on clothing and $290 a month on groceries They went on a Norwegian Cruise trip that cost $1,750. They took an additional $500 in spending money. That was their only vacation. Prepare an annual income and expense statement for the Wallingfords 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): Sam and Joan Wallingford For the: Year Ended: December 31, 20XX Income Dollars Wages and salaries Name: Sam Wallingford $22,500 Name: Joan Wallingford Bonuses and commissions Sam's commission 3,375 Investment income IBM dividend received 163 Savings account (1) Total Income: Expenses Housing Rent or mortgage payment (include insurance and 8,700 taxes, if applicable) Utilities Gas, electric, water Phone 1,656 Food Groceries 3,480 Transportation Public transportation 4,356 Auto loan Medical Health, major medical, disability insurance (payroll 125 deductions are not provided by employer) Clothing Clothes, shoes, and accessories 1,500 Insurance Rental or homeowner's insurance (if not covered by 435 mortgage payment) Taxes Sam's income and Social Security Joan's income and Social Security 3,848 Recreation and Vacations 2,250 entertainment Other School loan 2,616 (2) Total Expenses: Cash Surplus or Deficit (1-2): $ Us
