In order to get your personal finances under control, you need to prepare a personal budget. Assume that you have compiled the following information regarding your expected cash flows for a typical month. Rent payment $500 Miscellaneous costs $210 Interest income 50 Savings 50 Income tax withheld 300 Eating out 150 Electricity bill 85 Telephone and Internet costs 125 Groceries 100 Student loan payments 375 Wages earned 2,500 Entertainment costs 250 Insurance 100 Transportation costs 150 Using the information above, prepare a personal budget. Personal Budget

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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In order to get your personal finances under
control, you need to prepare a personal
budget. Assume that you have compiled the
following information regarding your expected
cash flows for a typical month.
Rent payment
$500
Miscellaneous costs
$210
Interest income
50
Savings
50
Income tax withheld
300
Eating out
150
Electricity bill
85
Telephone and Internet costs
125
Groceries
100
Student loan payments
375
Wages earned
2,500
Entertainment costs
250
Insurance
100 Transportation costs
150
Using the information above, prepare a
personal budget.
Income
Wages earned
$
Interest income
Income subtotal
Income tax withheld
Spendable income
Expenses:
Rent
Utilities:
Electricity
Telephone and Internet
Food:
Groceries
Eating out
Insurance
Personal Budget
Typical Month
$
Transportation costs
Student loan payments
SUPPORT
Entertainment costs
Transcribed Image Text:In order to get your personal finances under control, you need to prepare a personal budget. Assume that you have compiled the following information regarding your expected cash flows for a typical month. Rent payment $500 Miscellaneous costs $210 Interest income 50 Savings 50 Income tax withheld 300 Eating out 150 Electricity bill 85 Telephone and Internet costs 125 Groceries 100 Student loan payments 375 Wages earned 2,500 Entertainment costs 250 Insurance 100 Transportation costs 150 Using the information above, prepare a personal budget. Income Wages earned $ Interest income Income subtotal Income tax withheld Spendable income Expenses: Rent Utilities: Electricity Telephone and Internet Food: Groceries Eating out Insurance Personal Budget Typical Month $ Transportation costs Student loan payments SUPPORT Entertainment costs
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