#1) Cindy and Steven are recently married and are both chefs. They have recently graduated from culinary school and are making a starting salary of $15.00 as a sous-chef. They both work 10 hour days, six days a week. Because they are chefs at a mid-level restaurant they live in the downtown core where it is located. The rent on their one bedroom apartment is $1125/month. This includes all utilities. However, they pay an additional $75 for cable and internet. Their joint cell phone bill is $60.0o and they opt not to have a landline to save money. Because they live downtown they have also chosen not to buy a car and spend about $20o a month on public transportation. They eat most meals for free at the restaurant where they work so their bill is only about $200 a month. Do Cindy and Steven earn enough money to cover their expenses?

#1) Cindy and Steven are recently married and are both chefs. They have recently graduated from culinary school and are making a starting salary of $15.00 as a sous-chef. They both work 10 hour days, six days a week. Because they are chefs at a mid-level restaurant they live in the downtown core where it is located. The rent on their one bedroom apartment is $1125/month. This includes all utilities. However, they pay an additional $75 for cable and internet. Their joint cell phone bill is $60.0o and they opt not to have a landline to save money. Because they live downtown they have also chosen not to buy a car and spend about $20o a month on public transportation. They eat most meals for free at the restaurant where they work so their bill is only about $200 a month. Do Cindy and Steven earn enough money to cover their expenses?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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