Jamie Lee Jackson, age 24, now a busy full-time college student and part-time bakery clerk, has been trying to organize all of her priorities, including her budget. She has been wondering if she is allocating enough of her income towards savings, which includes accumulating enough money towards the $9,000 down payment she needs to begin her dream of opening a cupcake café. Jamie Lee has been making regular deposits to both her regular, as well as her emergency savings account. She would really like to sit down and get a clearer picture of how much she is spending on various expenses, including rent, utilities, entertainment and how her debt compares to her savings and assets. She realizes that she must stay on track and keep a detailed budget if she is to realize her dream of being self-employed after college graduation. Use the details below to complete Jamie Lee's personal financial plan to determine her financial position. Each answer must have a value for the assignment to be complete. Enter "0" for any unused categories.
Jamie Lee Jackson, age 24, now a busy full-time college student and part-time bakery clerk, has been trying to organize all of her priorities, including her budget. She has been wondering if she is allocating enough of her income towards savings, which includes accumulating enough money towards the $9,000 down payment she needs to begin her dream of opening a cupcake café. Jamie Lee has been making regular deposits to both her regular, as well as her emergency savings account. She would really like to sit down and get a clearer picture of how much she is spending on various expenses, including rent, utilities, entertainment and how her debt compares to her savings and assets. She realizes that she must stay on track and keep a detailed budget if she is to realize her dream of being self-employed after college graduation. Use the details below to complete Jamie Lee's personal financial plan to determine her financial position. Each answer must have a value for the assignment to be complete. Enter "0" for any unused categories.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Do not give solution in image format
Transcribed Image Text:Jamie Lee Jackson, age 24, now a busy full-time college student and part-time bakery clerk, has been trying to organize all of her
priorities, including her budget. She has been wondering if she is allocating enough of her income towards savings, which includes
accumulating enough money towards the $9,000 down payment she needs to begin her dream of opening a cupcake café.
Jamie Lee has been making regular deposits to both her regular, as well as her emergency savings account. She would really like to sit
down and get a clearer picture of how much she is spending on various expenses, including rent, utilities, entertainment and how her
debt compares to her savings and assets. She realizes that she must stay on track and keep a detailed budget if she is to realize her
dream of being self-employed after college graduation.
Use the details below to complete Jamie Lee's personal financial plan to determine her financial position. Each answer must have a
value for the assignment to be complete. Enter "0" for any unused categories.
Current Financial Situation
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
Assets
Liquid assets
Checking account balance
Monthly Expenses:
$1,250 Rent obligation
Total liquid assets
$3,100 Utilities/electricity
$4,000 Utilities/water
$500 Utilities/cable TV
Food
$5,400 Gas/maintenance
$400 Credit card payment
Car insurance
$2,125 Clothing
$1,560 Entertainment:
Savings/money market accounts, funds
Cash value of life insurance
Other
Cake decorating class
$150 Movies with friends
$25
$275
$80
$45
$60
$120
$100
$50
$50
$50
$35
$50
Transcribed Image Text:Total liquid assets
Household assets and possessions
Current market value of home
Market value of automobiles
Furniture
Computer, electronics, camera
Jewelry
Other
Total household assets
Investment assets
Savings certificates
Stocks and bonds
Retirement accounts
Mutual funds
Other
Total investment assets
Total assets
Liabilities
Current liabilities
Charge account and credit card balances
Other
Total current liabilities
Long-term liabilities
Mortgage
Loan balances
Other
Total long-term liabilities
Total liabilities
Net Worth
(Assets minus liabilities)
S
52
S
s
es
0
0
0
0
0
0
0
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