Kerry and Kim started to create a budget $($based on last year$$s income and expense statement$)$ but got stuck. They know that you have learned how to create budgets and are asking for your help. They would like you to input the correct values for the first three months of next year.

Income and Expense Statement

Name$($s$)$: Kerry and Kim Lee

For the year ending: As of December $31,20$XX

Dollars

Income

Wages and salaries Name: Kerry Lee $ $39,000$

Name: Kim Lee $35,100$

Bonuses and commissions Kerry$$s bonus $3,900$

$(1)$ Total Income: $$78,000$

Expenses

Housing $$13,500$

Utilities Puget Sound Energy $1,500$

Verizon $756$

Food Groceries $2,700$

Transportation Auto loan $9,720$

Public transportation $6,000$

Insurance $2,250$

Taxes $18,525$

Fun money Cruise to Mexico $7,000$

Parents$$ loan $1,750$

$(2)$ Total Expenses: $$63,701$

Surplus $($Deficit$)$: $$14,299$

In addition to the statement, you will need to know the following information:

$$ They estimated their net annual income $($after taxes and employer deductions$)$ at $$29,250$ for Kerry and $$26,325$ for Kim

$$ Insurance is paid at the end of each calendar quarter

$$ Kim purchases her commuter pass on the first of each month

$$ The parents$$ loan is money they borrowed from Kim$$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 entertainment 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 cash deficit with a minus sign.

Three$-$Month Cash Budget $($By Month$)$

Name$($s$)$: Kerry and Kim Lee

For: Three months Ending: March $31,20$XX

January February March Total for Three Months

Income

Kerry$$s salary $$2,4382,438$

$

$

Kim$$s salary $2,194$

$

$2,194$

$

Total income $4,632$

$

$

$

Expenses

Rent $1,1251,125$

$

$

Utilities:

Puget Sound Energy $125$

$

$125$

$

Verizon $6363$

$

$

Food $225$

$

$225$

$

Automobile $810810$

$

$

Public transportation $500$

$

$500$

$

Insurance $00$

$

$

Parents$$ loan $146$

$

$146$

$

Fun money $583583$

$

$

Total expenses $3,577$

$

$4,140$

$

Cash surplus $($deficit$)1,055$

$

$

$

Cumulative surplus $($deficit$)$ $$1,055$

$

$