Income Expense Budget Worksheet Information Use the information below to compute the monthly expense worksheet information into the provided worksheet. You can use the worksheet that has been created in Excel or create your own worksheet. You must have totals for income and expense categories and determine if there if a monthly budget surplus or deficit. **Hint, remember to take any annual numbers and divide by 12 to get monthly amounts. Remember, personal finances are usually managed MONTHLY. Read the following story of Ed & Lydia Goodman and then input and organize their financial data. Ed and Lydia are a married couple of about 10 years and have two young children. Recently, they began to think more deeply about their personal finances and thought it would be wise to organize and budget appropriately. Ed works as a professor at a Community College earning $102,000 annually. Lydia works in a local school district as an Administrative Assistant earning $42,000 per year. They have $25,000 in the bank earning 1% interest, they currently earn $175 per month on investments in bonds, and about $95 per month on dividends in their stock portfolio. They also have an investment on a business property that earns $1000 per month. They currently own their condo in Flushing but have a mortgage payment of $1783 per month (that includes maintenance charges). They pay $2900 in real estate taxes annually. They own a Hyundai Santa Fe utility vehicle that they are currently financing at $375 per month. As for other expenses, they pay $125 per month for electric and $30 for gas. Their internet and cable is $220 per month. They have no outstanding loans or balances on their credit card. They have condo insurance that costs $100 per month, car insurance at $175 per month, medical premiums for health insurance come out of their paychecks. Ed has a life insurance policy of $200,000 which he pays $39 per month in premiums. In creating a solid spending plan, Ed and Lydia decide to allow for personal expenses monthly. They allow for personal expenses of $200 each per month for each of them to spend on whatever they like. Additionally, they set a budget of $400 per month for their children (clothing, etc.) and an additional $200 per month for entertainment such as going out to the movies, bowling with friends, etc.