In order to get your personal finances undercontrol, you need to prepare a personalbudget. Assume that you have compiled thefollowing information regarding your expectedcash flows for a typical month.Rent payment$500Miscellaneous costs$210Interest income50Savings50Income tax withheld300Eating out150Electricity bill85Telephone and Internet costs125Groceries100Student loan payments375Wages earned2,500Entertainment costs250Insurance100 Transportation costs150Using the information above, prepare apersonal budget.IncomeWages earned$Interest incomeIncome subtotalIncome tax withheldSpendable incomeExpenses:RentUtilities:ElectricityTelephone and InternetFood:GroceriesEating outInsurancePersonal BudgetTypical Month$Transportation costsStudent loan paymentsSUPPORTEntertainment costs

Total spendable income = Wages Earned + Interest Income - Income tax withheld. Surplus or Shortage =…

Answered: In order to get your personal finances…

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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Based on the information below, create a monthly budget. Once the budget is established, estimate how much you would be able to save monthly. Identify three money wasters that you might keep you from sticking to your budget. What would the impact of those money wasters be on your ability to save? Budget Scenario You have recently graduated with a degree in marketing and started a job that pays $50,000 per year. Your monthly net income is $3,000. You have decided to move into a one-bedroom apartment in Saint Paul. Since you work within walking distance, you won’t need to own a car. You don’t want to be lonely in your new place, so you decided to adopt a pet. You let your friends talk you into joining the YMCA since it is now close to your new place. You have one credit card for emergencies, but you did use it to buy some new furniture for your apartment. You need to create a budget that you can stick to, because you are saving your money to take a trip to Europe in three years.…
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1. At the beginning of the school year, Katherine Malloy decided to prepare a cash budget for the months of September, October, November, and December. The budget must plan for enough cash on December 31 to pay the spring semester tuition, which is the same as the fall tuition. The following information relates to the budget: Cash balance, September 1 (from a summer job) $7,060
Crazy Jay's (CJ's) is a boat and jet ski parts store operating in South Beach, Miami.You are the junior management accountant of the business and have been asked to prepare the cash budget for the business for the quarter ending June 30, 2021. Your data collection has yielded the following:(i) Extracts from the sales and purchases budgets are as follows: Feb 2021–Jun 2021 Cash Sales Sales On Account PurchasesFebruary $151,100 $480,000 $390,000March $145,500 $600,000 $360,000April $159,025 $700,000 $505,000May $169,350 $650,000 $400,000June $176,200 $800,000 $518,000(ii) An analysis of the records shows that trade receivables (accounts receivable) are settled according to the following credit pattern, in accordance with the credit terms 2/30, n90:45%…
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Using Marvin's budget, fill in the missing items in the table. Round your dollar answers to the nearest penny. For dollar amounts input the dollar sign followed by the dollar amount. For example: $124.30 Round your percent answer to the nearest whole percent. For percent input the percent followed by the percent sign. For example: 7% In the image.
III. DETAILS OF PERSONAL BUDGET PLAN: (List down your possible income and expected expenses). ACTUAL AMOUNT (In PARTICULARS EXPECTED AMOUNT (In Php) DIFFERENCE (In Php) Php) A. CASH INFLOWS: list down example of ALLOWANCE 0.00 expected income OTHER SOURCE 0.00 0.00 0.00 0.00 0.00 TOTAL CASH INFLOWS PHP 0.00 PHP 0.00 PHP 0.00 B. SPENDING: FOODS list down 0.00 example of expected EDUCATIONAL EXPENSES 0.00 PERSONAL EXPENSES 0.00 OTHER EXPENSES 0.00 expenses 0.00 |TOTAL EXPENSES PHP 0.00 PHP 0.00 PHP 0.00 VARIANCES PHP 0.00 PHP 0.00 PHP 0.00 RESULT: FINDINGS: RECOMMENDATION:
Glamor Household Furnishings & Appliances is a family-owned furniture store. You are the management accountant of the concern and have been given the task of preparing the cash budget for the business for the quarter ending September 30, 2018. Your data collection has yielded the following: i) Extracts from the sales and purchases budgets are as follows: Month Cash Sales Sales On Account Purchases On Account May $50,000 $480,000 $390,000 June $65,000 $600,000 $360,000 July $43,400 $720,000 $450,000 August $52,800 $640,000 $400,000 September $56,750 $800,000 $500,000 ii) An analysis of the records shows that trade receivables (accounts receivable) for sales on account are settled according to the following credit pattern, in accordance with the credit terms 5/30, n90: 50% in the month of sale 35% in the first month following the sale 15% in the second month following the sale iii) Accounts payable are settled as follows, in accordance with the credit terms – 4/30, n60: 70% in the…
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How to solve Personal Budgeting problem?
Hello - Where does the opening balance of cash come from (how is it derived) in Step 3. Preparing a Cash Budget? (see included picture. THANK YOU!! pz

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