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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 "O" 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 $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: Cake decorating class $150 Movies with friends $25 Savings/money market accounts, funds Cash value of life insurance Other $275 $80 $45 $60 $120 $100 $50 $50 $50 $35 $50

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 "O" 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 $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: Cake decorating class $150 Movies with friends $25 Savings/money market accounts, funds Cash value of life insurance Other $275 $80 $45 $60 $120 $100 $50 $50 $50 $35 $50

FINANCIAL ACCOUNTING
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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Assets Liquid assets Checking account balance Savings/money market accounts, funds O Cash value of life insurance Other 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) $ $ $ $ 0 0 0 0 0 0 0 0
Transcribed Image Text:Assets Liquid assets Checking account balance Savings/money market accounts, funds O Cash value of life insurance Other 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) $ $ $ $ 0 0 0 0 0 0 0 0
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 "O" 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 $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 Savings/money market accounts, funds Cash value of life insurance Other Entertainment: Cake decorating class $150 Movies with friends. $25 $275 $80 $45 $60 $120 $100 $50 $50 $50 $35 $50
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 "O" 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 $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 Savings/money market accounts, funds Cash value of life insurance Other Entertainment: Cake decorating class $150 Movies with friends. $25 $275 $80 $45 $60 $120 $100 $50 $50 $50 $35 $50
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