PFIN 5th Edition by Randall Billingsley,Lawrence Gitman,Michael Joehnk

Exercise 1

Preparing personal income and expense statement. Use Worksheet 2.2. Parker and Kylie Cleary are about to construct their income and expense statement for the year ending December 31, 2016. They have put together the following income and expense information for 2016:

Using the information provided, prepare an income and expense statement for the Cleary for the year ending December 31, 2016 (follow the form shown in Worksheet 2.2).