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2. Examine Riley's non-monthly expenses. Find the monthly average of the total of the wing expenses: Vacation, Gifts, Contributions.

2. Examine Riley's non-monthly expenses. Find the monthly average of the total of the wing expenses: Vacation, Gifts, Contributions.

FINANCIAL ACCOUNTING
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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This is for financial math :)
ka's 2.4 Cash Flow and Budgeting Use the following financial information for Riley McMuffin to answer Exercises 1-2. S4 Income Architect, monthly after-tax income: $8,000 Consultant, monthly after-tax income: $2,000 Monthly Expenses Rent Car loan Electricity Sanitation Financial Report Dining out Gasoline $2,800 $200 $80 $50 Cable/Internet $100 $200 $180 Water $40 Renter's insurance $50 Credit card debt $500 Groceries Personal loan Computer: $3,000 in January Vacation: $1,200 in August $220 $300 $40 $300 Savings $600 College loan $260 Cell phone $90 Medical insurance $60 Entertainment $200 Land line phone Auto insurance Non-Monthly Expenses Medical: $300 in June, $160 in October Auto-related: $1,200 in July Home-related: $300 in March, $600 in September Life insurance: $200 in February, June, October Gifts: $500 in May, $400 in December Contributions: $20 each week of the year Repairs: $1,500 in November 1. The Consumer Credit Counseling Service suggests that the Entertainment be no greater than 6% of the income. a. What is Riley's total monthly entertainment? b. What percent of her income is spent on entertainment? 2. Examine Riley's non-monthly expenses. Find the monthly average of the total of the following expenses: Vacation, Gifts, Contributions. 38 Charts
Transcribed Image Text:ka's 2.4 Cash Flow and Budgeting Use the following financial information for Riley McMuffin to answer Exercises 1-2. S4 Income Architect, monthly after-tax income: $8,000 Consultant, monthly after-tax income: $2,000 Monthly Expenses Rent Car loan Electricity Sanitation Financial Report Dining out Gasoline $2,800 $200 $80 $50 Cable/Internet $100 $200 $180 Water $40 Renter's insurance $50 Credit card debt $500 Groceries Personal loan Computer: $3,000 in January Vacation: $1,200 in August $220 $300 $40 $300 Savings $600 College loan $260 Cell phone $90 Medical insurance $60 Entertainment $200 Land line phone Auto insurance Non-Monthly Expenses Medical: $300 in June, $160 in October Auto-related: $1,200 in July Home-related: $300 in March, $600 in September Life insurance: $200 in February, June, October Gifts: $500 in May, $400 in December Contributions: $20 each week of the year Repairs: $1,500 in November 1. The Consumer Credit Counseling Service suggests that the Entertainment be no greater than 6% of the income. a. What is Riley's total monthly entertainment? b. What percent of her income is spent on entertainment? 2. Examine Riley's non-monthly expenses. Find the monthly average of the total of the following expenses: Vacation, Gifts, Contributions. 38 Charts
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