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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From the above given information, I am to construct a tabular form of cash budget, however, I don't really understand the question, so I think my answer is wrong, can you try it for me so I can check with my answer?
PREPARE CASH BUDGET FOR YEAR 2021 Use the format if necessary as a guide: Cash Balance, January 1, 2021 Add: Collection from Customers Total Cash Available Less: Disbursements Payments for Material Purchases Direct Labor Factory Overhead Selling and Administrative Expenses Equipment purchase Tax Expenses Dividends Total Disbursements Excess (deficiency) of cash available over disbursements Investing: Long-term Investment Increments Interest Receivable Total Cash used in Investing Financing: Borowwings Repayments Interest Paid Total Financing Cash Balance, Ending
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.…
Bhupatbhai
You have been hired by the company LA PLANEACIÓN, S.A., for your track record in Cash Management and for being a CETYS student. With the following information, prepare a Cash Budget by the input-output method: (IMAGE) ( I think it is easy to understand, especially for a bartleby expert.) The budgeted monthly sales for the following fiscal year are: January - 500000February - 600000March - 725000April - 650000May - 700000June - 600000July - 500000August - 550000 Sales are made: 35% cash and 65% on credit which are collected in the following month. The outstanding receivables from 2020 are on the balance sheet. The amount of bad debts is insignificant. Purchases are made two months in advance of what is to be sold. The purchase conditions with suppliers are: 40% of purchases are paid in cash, 30% in the month following the purchase and 30% after two months. The balance payable on the account at December 31 consists of credit purchases in November and credit purchases in December. Cost…
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.
What is the equation budget for each of the following 1- The first transaction means that Safia (the owner) entered a capital of $ 10,000 in cash to start the business. An asset (cash) column is created to record this transaction. The effect of the deal is that the assets and equity will increase by $ 10,000 2- The second transaction states that the goods were purchased on credit from Anees (creditor / supplier). The effect will increase the business assets (stocks) as well as liabilities (creditor) by $ 300 because the company owes the money to Anis. 3- Salaries are work expenses. When the cash repayment is made, the asset (cash) will be reduced and the equity (equity) also becomes lower by $ 3000 due to this cash advance. 4- Borrowing is like a bank loan, as the business needs money in its operations. The effects of this transaction are that the assets (cash) and liabilities column (bank loan) are also increased by $ 2000. 5- The cash column will include when the company purchases $…
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:
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How to solve Personal Budgeting problem?
Based on the information is given, show the calculation step by step;a) PREPARE the following budgets:i. Sales Budget, ii. Production Budget, iii. Direct Material Usage Budget, iv. Direct Material Purchase Budget and v. Direct Labour Budge
Prepare a sales budget including a column for each year in and a column for the total. The budgets should also include a schedule of expected cash collection, by year and in total.Make your assumptions about the type of sales (cash versus credit) and your credit terms clear.

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