Jamie Lee is reviewing her finances one month later. She has provided the actual amounts paid below. Use the cash budget table below to help her identify the variances in her budget. Each answer must have a value for the assignment to be complete. Enter "O" for any unused categories. Actual Amounts Income: Monthly expenses: Gross monthly salary $2,225 Rent obligation $1,660 Utilities/electricity Net monthly salary Savings allocation: Regular savings Rainy-day savings Entertainment: Cake decorating class Movies with friends Budgeted Amounts Assets: 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. Income (Inflows) Salary Other Total income Disbursements (Outflows) Emergency fund savings Emergency fund Savings (regular) Savings Total savings Fived avnanene Utilities/water $150 Utilities/cable TV $25 Food $ Gas/maintenance $35 Credit card payment $50 Car insurance Clothing $ Budgeted Amounts - Dollar Monthly Expenses: $1,250 Rent obligation $3,100 Utilities/electricity $4,000 Utilities/water $500 Utilities/cable TV $2,125 Clothing $1,560 Entertainment: Budgeted Amounts Dollar Food $5,400 Gas/maintenance $400 Credit card payment Car insurance 0 Cake decorating class $150 Movies with friends $25 0 $295 $100 $35 $95 $145 $150 $25 $60 $150 NaN NaN NaN 0.00% Budgeted Actual Amounts - Amounts - Percent Dollar $ NaN NaN NaNNaN $ Budgeted Actual Amounts - Amounts - Percent Dollar $ $ 0 $ 0 $275 $80 $45 $60 $120 $100 $50 $50 $50 $ $ $ $ $35 $50 Variance Variance 0 0 0 0 0 0 0
Jamie Lee is reviewing her finances one month later. She has provided the actual amounts paid below. Use the cash budget table below to help her identify the variances in her budget. Each answer must have a value for the assignment to be complete. Enter "O" for any unused categories. Actual Amounts Income: Monthly expenses: Gross monthly salary $2,225 Rent obligation $1,660 Utilities/electricity Net monthly salary Savings allocation: Regular savings Rainy-day savings Entertainment: Cake decorating class Movies with friends Budgeted Amounts Assets: 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. Income (Inflows) Salary Other Total income Disbursements (Outflows) Emergency fund savings Emergency fund Savings (regular) Savings Total savings Fived avnanene Utilities/water $150 Utilities/cable TV $25 Food $ Gas/maintenance $35 Credit card payment $50 Car insurance Clothing $ Budgeted Amounts - Dollar Monthly Expenses: $1,250 Rent obligation $3,100 Utilities/electricity $4,000 Utilities/water $500 Utilities/cable TV $2,125 Clothing $1,560 Entertainment: Budgeted Amounts Dollar Food $5,400 Gas/maintenance $400 Credit card payment Car insurance 0 Cake decorating class $150 Movies with friends $25 0 $295 $100 $35 $95 $145 $150 $25 $60 $150 NaN NaN NaN 0.00% Budgeted Actual Amounts - Amounts - Percent Dollar $ NaN NaN NaNNaN $ Budgeted Actual Amounts - Amounts - Percent Dollar $ $ 0 $ 0 $275 $80 $45 $60 $120 $100 $50 $50 $50 $ $ $ $ $35 $50 Variance Variance 0 0 0 0 0 0 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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Transcribed Image Text:Income (Inflows)
Salary
Other
Total income
Disbursements
(Outflows)
Emergency fund savings
Emergency fund
Savings (regular)
Savings
Total savings
Fixed expenses
Mortgage or rent
Property taxes
Loan/credit card payment
Insurance
Other
Total fixed expenses
Variable expenses
Food
Utilities
Clothing
Transportation costs
Personal care
Medical and health care
Entertainment
Education
Gifts/donations
Miscellaneous
Budgeted
Amounts -
Dollar
$
Budgeted
Amounts -
Dollar
$
$
Other
Total variable expenses $
Total expenses
$
0
0
0
0
0
Budgeted
Amounts -
Percent
NaN
NaN
NaNNaN $
Budgeted
Amounts -
Percent
NaN
NaN
NaN
0.00%
NaN
NaN
NaN
NaN
NaN
0.00%
Actual
Amounts -
Dollar
NaN
NaN
NaN
NaN
NaN
NaN
NaN
NaN
NaN
NaN
NaN
0.00%
NaN
Actual
Amounts -
Dollar
$
$
$
$
0
0
0
0
$
$
$
$
$
$
$
$
$
$
$
$
0 $
Variance
$
$
$
$
$
$
$
$
$
$
$
$
$
Variance
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Transcribed Image Text:Jamie Lee is reviewing her finances one month later. She has provided the actual amounts paid below. Use the
cash budget table below to help her identify the variances in her budget. Each answer must have a value for the
assignment to be complete. Enter "O" for any unused categories.
Actual Amounts
Income:
$1,660
Gross monthly salary $2,225
Net monthly salary
Savings allocation:
Regular savings
Rainy-day savings
Entertainment:
Cake decorating class
Movies with friends
Budgeted Amounts
Assets:
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
Income (Inflows)
Salary
Other
Total income
Disbursements
(Outflows)
Emergency fund savings
Emergency fund
Savings (regular)
Savings
Total savings
Fived avnanene
Monthly expenses:
Rent obligation
Utilities/electricity
Utilities/water
$150 Utilities/cable TV
$25 Food
Gas/maintenance
$35 Credit card payment
$50 Car insurance
Clothing
$
Monthly Expenses:
$1,250 Rent obligation
$3,100 Utilities/electricity
$4,000 Utilities/water
$500 Utilities/cable TV
$5,400 Gas/maintenance
$400 Credit card payment
Car insurance
$2,125 Clothing
$1,560 Entertainment:
Budgeted
Amounts -
Dollar
$
Budgeted
Amounts -
Dollar
Food
Cake decorating class
$150 Movies with friends
$25
0
0
$295
$100
$35
$95
$145
$150
$25
$60
$150
Budgeted
Actual
Amounts - Amounts -
Percent
Dollar
NaN
NaN
NaNNaN $
Budgeted
Amounts -
Percent
NaN
NaN
NaN
0.00%
Actual
Amounts -
Dollar
$
0
0
$
$
$
$
$
$
$
$275
$80
$45
$60
$120
$100
$50
$50
$50
$35
$50
Variance
Variance
0
0
0
0
0
0
0
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