Check my work Checking account Emergency fund savings account Car Computer & iPad Liabilities: Student loan Credit card balance Income: Gross monthly salary Net monthly salary Savings allocation: Regular savings Rainy day savings $1,300 Rent obligation $3,200 Utilities/electricity $4,100 Utilities/water $550 Utilities/cable TV Food $5,500 Gas/maintenance $450 Credit card payment Car insurance $2,175 Clothing $1,655 Entertainment: Cake decorating class $155 Movies with friends $30 t savings account ance Monthly Expenses: $1,300 Rent obligation $3,200 Utilities/electricity Utilities/water $4,100 $550 Utilities/cable TV Food $5,500 Gas/maintenance $450 Credit card payment Car insurance alary ary $2,175 Clothing $1,655 Entertainment: ion: Cake decorating class $155 Movies with friends Check my work $280 $85 $50 $65 $130 $105 $55 $55 $55 $35 $55

Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Jamie Lee Jackson, age 24, now a busy full-time college student and part-time bakery clerk, has been trying to organize all of her priorities, including her budget. She has been wondering if she is allocating enough of her income towards savings, which includes accumulating enough money towards the $9,500 down payment she needs to begin her dream of opening a cupcake café. Jamie Lee has been making regular deposits to both her regular, as well as her emergency savings account. She would really like to sit down and get a clearer picture of how much she is spending on various expenses, including rent, utilities, entertainment and how her debt compares to her savings and assets. Jamie Lee’s telephone is currently paid for by her father as she is on the family phone plan. She realizes that she must stay on track and keep a detailed budget if she is to realize her dream of being self-employed after college graduation. Use the information below to record Jamie Lee's inflows and outflows of cash for a one-month period. Each answer must have a value for the assignment to be complete. Enter "0" for any unused categories. Current Financial Situation For Month Ending December 31 Cash Inflows Salary (take-home) Other income Other income Total $0 Cash Outflows Fixed expenses Mortgage or rent Loan/credit card payment Insurance Other Total fixed outflows $0 Variable expenses Food Clothing Electricity Telephone Water Transportation Personal care Medical expenses Recreation/entertainment Gifts Donations Cable Other Total variable outflows $0 Total outflows $0 Surplus (deficit) $0 Allocation of surplus Emergency fund savings Financial goal savings Other savings
Check my work
Checking account
Emergency fund savings account
Car
Computer & iPad
Liabilities:
Student loan
Credit card balance
Income:
Gross monthly salary
Net monthly salary
Savings allocation:
Regular savings
Rainy day savings
$1,300 Rent obligation
$3,200 Utilities/electricity
$4,100 Utilities/water
$550 Utilities/cable TV
Food
$5,500 Gas/maintenance
$450 Credit card payment
Car insurance
$2,175 Clothing
$1,655 Entertainment:
Cake decorating class
$155 Movies with friends
$30
Transcribed Image Text:Check my work Checking account Emergency fund savings account Car Computer & iPad Liabilities: Student loan Credit card balance Income: Gross monthly salary Net monthly salary Savings allocation: Regular savings Rainy day savings $1,300 Rent obligation $3,200 Utilities/electricity $4,100 Utilities/water $550 Utilities/cable TV Food $5,500 Gas/maintenance $450 Credit card payment Car insurance $2,175 Clothing $1,655 Entertainment: Cake decorating class $155 Movies with friends $30
t
savings account
ance
Monthly Expenses:
$1,300 Rent obligation
$3,200 Utilities/electricity
Utilities/water
$4,100
$550 Utilities/cable TV
Food
$5,500 Gas/maintenance
$450 Credit card payment
Car insurance
alary
ary
$2,175 Clothing
$1,655 Entertainment:
ion:
Cake decorating class
$155 Movies with friends
Check my work
$280
$85
$50
$65
$130
$105
$55
$55
$55
$35
$55
Transcribed Image Text:t savings account ance Monthly Expenses: $1,300 Rent obligation $3,200 Utilities/electricity Utilities/water $4,100 $550 Utilities/cable TV Food $5,500 Gas/maintenance $450 Credit card payment Car insurance alary ary $2,175 Clothing $1,655 Entertainment: ion: Cake decorating class $155 Movies with friends Check my work $280 $85 $50 $65 $130 $105 $55 $55 $55 $35 $55
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