Reference no: EM132758386

Ivy and Jack Davis are about to construct their income and expense statement for the year ending December 31, 2017. Ivy works full time while Jack is finishing up graduate school. They have put together the following income and expense information for 2017:
Asset/Liability Sub-total
Personal property: Furniture 1,050
Clothing Investments:
900 1,950
U.S. government savings bonds 500
Stock of Delta Corp.
3,000 3,500
Ivy's salary Reimbursement for travel expenses Interest on:
Savings account
Bonds of Gamma Corporation Groceries
Rent
Utilities
Gas and auto expenses
Jack's tuition, books, and supplies
Books, magazines, and periodicals
Clothing and other miscellaneous expenses
Cost of photographic equipment purchased with charge card
Amount paid this year on photographic equipment Ivy's travel expenses Purchase of a used car (cost) Outstanding loan balance on car
Purchase of bonds in Gamma Corporation
$47,000 1,950
110 70 4,150 9,600 960 650 3,300 280 2,700 2,200
1,600 1,950 9,750 7,300 4,900
Using the information provided, prepare an income and expense statement for the Davis' for the year ending December 31, 2017