Preparing income and expense statement Use Worksheet 2.2 Ariana and Nicholas Peterson are about to construct their income and expense statement for the year ending December 31, 2020. Nicholas is finishing up college and currently has no income. They have put together the following income and expense information for 2020: Ariana's salary $43,000 Reimbursement for travel expenses 1,700 Interest on: Savings account 110 Bonds of Delta Corporation 70 Groceries 4,150 Rent 9,300 Utilities 960 Gas and auto expenses 650 Nicholas' tuition, books, and supplies 3,300 Books, magazines, and periodicals 280 Clothing and other miscellaneous expenses 2,900 Cost of photographic equipment purchased with charge card 2,200 Amount paid to date on photographic equipment 1,600 Ariana's travel expenses 1,950 Purchase of a used car (cost) 9,750 Outstanding loan balance on car 7,300 Purchase of bonds in Delta Corporation 4,900 Using the information provided, prepare an income and expense statement for the Petersons for the year ending December 31, 2020 (follow the form shown in Worksheet 2.2). Enter all expense amounts as positive values. INCOME AND EXPENSE STATEMENT Name(s) Ariana and Nicholas Peterson For the [month or year] Year Ended December 31, 2020 INCOME Wages and salaries Name: Ariana Peterson $ Name: Name: Self-employment income Bonuses and commissions Investment income Interest received $ Dividends received Rents received Sale of securities Other Pensions and annuities Other income Reimbursement for travel expenses $ (I) Total Income $ EXPENSES Housing Rent/mortgage payment (include insurance and taxes, if applicable) $ Repairs, maintenance, improvements Utilities Gas, electric, water $ Phone Cable TV and other Food Groceries $ Dining out Transportation Auto loan payments $ License plates, fees, etc. Gas, oil, repairs, tires, maintenance $ Medical Health, major medical, disability insurance (payroll deductions or not provided by employer) Doctor, dentist, hospital, medicines Clothing Clothes, shoes, and accessories $ Insurance Homeowner's (if not covered by mortgage payment) Life (not provided by employer) Auto Taxes Income and social security Property (if not included in mortgage) Appliances, furniture, and other major purchases Loan payments $ Purchases and repairs Personal care Laundry, cosmetics, hair care Recreation and entertainment Vacations Other recreation and entertainment $ Other items Nicholas' tuition, books, and supplies $ Purchcase of Delta Corp. bonds $ Travel expenses $ (II) Total Expenses $ CASH SURPLUS (OR DEFICIT) [(I)-(II)] $
Preparing income and expense statement Use Worksheet 2.2 Ariana and Nicholas Peterson are about to construct their income and expense statement for the year ending December 31, 2020. Nicholas is finishing up college and currently has no income. They have put together the following income and expense information for 2020: Ariana's salary $43,000 Reimbursement for travel expenses 1,700 Interest on: Savings account 110 Bonds of Delta Corporation 70 Groceries 4,150 Rent 9,300 Utilities 960 Gas and auto expenses 650 Nicholas' tuition, books, and supplies 3,300 Books, magazines, and periodicals 280 Clothing and other miscellaneous expenses 2,900 Cost of photographic equipment purchased with charge card 2,200 Amount paid to date on photographic equipment 1,600 Ariana's travel expenses 1,950 Purchase of a used car (cost) 9,750 Outstanding loan balance on car 7,300 Purchase of bonds in Delta Corporation 4,900 Using the information provided, prepare an income and expense statement for the Petersons for the year ending December 31, 2020 (follow the form shown in Worksheet 2.2). Enter all expense amounts as positive values. INCOME AND EXPENSE STATEMENT Name(s) Ariana and Nicholas Peterson For the [month or year] Year Ended December 31, 2020 INCOME Wages and salaries Name: Ariana Peterson $ Name: Name: Self-employment income Bonuses and commissions Investment income Interest received $ Dividends received Rents received Sale of securities Other Pensions and annuities Other income Reimbursement for travel expenses $ (I) Total Income $ EXPENSES Housing Rent/mortgage payment (include insurance and taxes, if applicable) $ Repairs, maintenance, improvements Utilities Gas, electric, water $ Phone Cable TV and other Food Groceries $ Dining out Transportation Auto loan payments $ License plates, fees, etc. Gas, oil, repairs, tires, maintenance $ Medical Health, major medical, disability insurance (payroll deductions or not provided by employer) Doctor, dentist, hospital, medicines Clothing Clothes, shoes, and accessories $ Insurance Homeowner's (if not covered by mortgage payment) Life (not provided by employer) Auto Taxes Income and social security Property (if not included in mortgage) Appliances, furniture, and other major purchases Loan payments $ Purchases and repairs Personal care Laundry, cosmetics, hair care Recreation and entertainment Vacations Other recreation and entertainment $ Other items Nicholas' tuition, books, and supplies $ Purchcase of Delta Corp. bonds $ Travel expenses $ (II) Total Expenses $ CASH SURPLUS (OR DEFICIT) [(I)-(II)] $
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter2: Using Financial Statements And Budgets
Section: Chapter Questions
Problem 2FPE: Preparing financial statements. Hugo Garcia is preparing his balance sheet and income and expense...
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Preparing income and expense statement
Use Worksheet 2.2 Ariana and Nicholas Peterson are about to construct their income and expense statement for the year ending December 31, 2020. Nicholas is finishing up college and currently has no income. They have put together the following income and expense information for 2020:
Ariana's salary | $43,000 |
Reimbursement for travel expenses | 1,700 |
Interest on: | |
Savings account | 110 |
Bonds of Delta Corporation | 70 |
Groceries | 4,150 |
Rent | 9,300 |
Utilities | 960 |
Gas and auto expenses | 650 |
Nicholas' tuition, books, and supplies | 3,300 |
Books, magazines, and periodicals | 280 |
Clothing and other miscellaneous expenses | 2,900 |
Cost of photographic equipment purchased with charge card | 2,200 |
Amount paid to date on photographic equipment | 1,600 |
Ariana's travel expenses | 1,950 |
Purchase of a used car (cost) | 9,750 |
Outstanding loan balance on car | 7,300 |
Purchase of bonds in Delta Corporation | 4,900 |
Using the information provided, prepare an income and expense statement for the Petersons for the year ending December 31, 2020 (follow the form shown in Worksheet 2.2). Enter all expense amounts as positive values.
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