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	$ 410	Savings account interest	$ 50
Sams commission	2,813	School loan	113
Commuter train pass (year)	2,256	Taxes
IBM dividend	210	Sam	3,375
Renters Insurance (year)	225	Joan	3,206
Central Maine Power bill	75	Wages & salaries
T-Mobile bill	71	Sam	18,750
Rent	375	Joan	17,813

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, Joans commuter train pass). They listed those amounts and noted them as such.
	Unfortunately, for other expenses, they provided last months payment, stating that the amount didnt change much from month to month.
	Based on their employer-provided health insurance, they incur a copay of $20 per visit. They estimated that they saw the doctor (combined) 4 times during the year.
	Joan estimated that she spends about $150 a month on clothing and $150 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	$18,750
	Name: Joan Wallingford
Bonuses and commissions	Sams commission	2,813
Investment income	IBM dividend received	210
	Savings account
(1) Total Income:
Expenses
Housing	Rent or mortgage payment (include insurance and taxes, if applicable)	4,500
Utilities	Gas, electric, water
	Phone	852
Food	Groceries	1,800
Transportation	Public transportation	2,256
	Auto loan
Medical	Health, major medical, disability insurance (payroll deductions are not provided by employer)	80
Clothing	Clothes, shoes, and accessories	1,800
Insurance	Rental or homeowners insurance (if not covered by mortgage payment)	225
Taxes	Sams income and Social Security
	Joans income and Social Security	3,206
Recreation and entertainment	Vacations	2,250
Other	School loan	1,356
(2) Total Expenses:
Cash Surplus or Deficit (12):