Stan and Julie Wallace 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.

Stan and Julie put together the following worksheet.

	Worksheet
Car payment	$ 315	Savings account interest	$ 50
Stans commission	2,813	School loan	113
Commuter train pass (year)	2,256	Taxes
Nike dividend	210	Stan	3,375
Renters Insurance (year)	225	Julie	3,206
Dallas Power & Light bill	75	Wages & salaries
U.S. Cellular bill	71	Stan	18,750
Rent	375	Julie	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, Julies 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.
	Julie estimated that she spends about $100 a month on clothing and $150 a month on groceries.
	They went on a Carnival 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 Wallaces 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): Stan and Julie Wallace
For the: Year | Ended: December 31, 20XX
Income		Dollars
Wages and salaries	Name: Stan Wallace	$18,750
	Name: Julie Wallace
Bonuses and commissions	Stans commission	2,813
Investment income	Nike 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	1,200
Insurance	Rental or homeowners insurance (if not covered by mortgage payment)	225
Taxes	Stans income and Social Security
	Julies 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):