Reference no: EM132799838
Problem - Preparing income and expense statement - Bill and Nancy Ballinger are about to construct their income and expense statement for the year ending December 31, 2017. Bill is finishing up college and currrently has no income. They have put together the following income and expense information for 2017:
Nancy's salary $47,000
Reimbursement for travel expenses 1,950
Interest on:
Savings account 110
Bonds of Alpha Corporation 70
Groceries 4,150
Rent 9,600
Utilities 960
Gas and auto expenses 650
Bill's tuition, books, and supplies 3,300
Books, magazines, and periodicals 280
Clothing and other miscellaneous expenses 2,700
Cost of photographic equipment purchased with charge card 2,200
Amount paid to date on photographic equipment 1,600
Nancy's travel expenses 1,950
Purchase of a used car (cost) 9,750
Outstanding loan balance on car 7,300
Purchase of bonds in Alpha Corporation 4,900
Using the information provided, prepare an income and expense statement for the Ballingers for the year ending December 31, 2017.
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Problem - Preparing income and expense statement
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