signment: Chapter 02 Using Financial Statements and Budgets In addition to the statement, you will need to know the following information: Issignment: Chapter 02 Using Financial Statements and Budgets Surplus (Deficit): $12,300 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 $15,000 for Brock and $13,500 for Sam - Insurance is paid at the end of each calendar quarter - Sam purchases her commuter pass on the first of each month - The parents' loan is money they borrowed from Sam'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 entertainm 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 ca a minus sign. Three-Month Cash Budget (By Month) Name(s): Brock and Sam Wilson For: Three months Ending: March 31, 20xX January February March Total for Three Months Income Brock's salary \begin{tabular}{ll|} $1,250 & 1,250 \\ 1,125 & $ \\ 2,375 & $ \end{tabular} \begin{tabular}{|} $ \\ 1,125 \\ $ \\ \hline \end{tabular} \begin{tabular}{|} $ \\ \hline$ \\ \hline \end{tabular} Expenses Rent 450450 $ $ Utilities: Central Maine Power T-Mobile Food Automobile Public transportation Insurance Parents'loan Fun money Total expenses Cash surplus (deficit) Cumulative surplus (deficit) \begin{tabular}{ll|} \hline 50 & $ \\ 25 & 25 \\ 90 & $ \\ 360 & 360 \\ 200 & $ \\ \hline 0 & 0 \\ 58 & $ \\ \hline 208 & 208 \\ 1,441 & $ \\ \hline 934 & $ \\ $934 & $ \\ \hline \end{tabular} Looking at the completed budget, what single item would you recommend that they add to their budget? Looking at the completed budget, what single item would you recommend that they add to their budget? Savings and investments Dividend and interest income Pensions and annuities This is because: The couple needs to increase their distributions from their retirement plans. The couple needs to budget for contingencies and save for future goals. The couple needs to increase their taxable income