Date 6/07/

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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Question
Gretchen's Short-Term Budget Worksheet
Spending
Purpose
Income
Date
Source
Amount
Date
Amount
6/07/--
wages
$423.52
6/03/20
new sweater
$ 33.86
6/09/--
birthday gift
50.00
6/12/20
car insurance
48.29
6/21/--
423.52 | 6/15/20
rent
350.00
wages
babysitting job
savings interest
6/23/--
25.00
6/23/20
credit card bill
296.04
6/25/20
6/26/20
telephone bill
groceries
doctor's visit
6/30/--
8.92
53.41
69.30
6/29/20
50.00
Totals
$930.96
$900.90
1. How much was Gretchen able to save in June?
Transcribed Image Text:Gretchen's Short-Term Budget Worksheet Spending Purpose Income Date Source Amount Date Amount 6/07/-- wages $423.52 6/03/20 new sweater $ 33.86 6/09/-- birthday gift 50.00 6/12/20 car insurance 48.29 6/21/-- 423.52 | 6/15/20 rent 350.00 wages babysitting job savings interest 6/23/-- 25.00 6/23/20 credit card bill 296.04 6/25/20 6/26/20 telephone bill groceries doctor's visit 6/30/-- 8.92 53.41 69.30 6/29/20 50.00 Totals $930.96 $900.90 1. How much was Gretchen able to save in June?
Expert Solution
Step 1: Introduction

Savings is an amount available after deducting the expenses from income. 

If you put this in equation

Savings = Income - Expenses

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