Laura Avila is a 20-year-old female who recently graduated from CNM with her associates degree in business. She has accepted a job as an office manager with ABC Business Solutions for $35,000 gross annual salary per year. ABC Business Solutions pays its employees on a weekly basis. Use the following when calculating Laura's weekly net income: Federal Income Tax $75.00 Social Security 6.2% Medicare 1.45% State Income Tax 5% . . . CASH OUTFLOWS (Expenses): Her parents recently moved out of state, so Laura is responsible for her own living arrangements and budget. ABC Business Solutions requires employees to dress in business professional clothes. The clothes she currently wears include khaki pants, polo shirts, blouses, and button up shirts. ABC Business Solutions informed her that this is considered business casual and can only be worn on Fridays. Laura estimates that she will need to spend $200 for business professional clothing as a one-time expense. Laura plans to start her bachelor's degree in business next year. She has not yet decided which university she will attend. She received a Pell grant and a federal student loan to pay her tuition and books for her associates degree. Since she has not yet started her bachelor's degree, she is not eligible for a student loan deferment. Her monthly student loan payment will be $150 and starts next month. . Laura's car payment is $225 per month for the next 4 years. Her car insurance is $132 per month. She estimates that she will spend $50 per month for ancolino
Laura Avila is a 20-year-old female who recently graduated from CNM with her associates degree in business. She has accepted a job as an office manager with ABC Business Solutions for $35,000 gross annual salary per year. ABC Business Solutions pays its employees on a weekly basis. Use the following when calculating Laura's weekly net income: Federal Income Tax $75.00 Social Security 6.2% Medicare 1.45% State Income Tax 5% . . . CASH OUTFLOWS (Expenses): Her parents recently moved out of state, so Laura is responsible for her own living arrangements and budget. ABC Business Solutions requires employees to dress in business professional clothes. The clothes she currently wears include khaki pants, polo shirts, blouses, and button up shirts. ABC Business Solutions informed her that this is considered business casual and can only be worn on Fridays. Laura estimates that she will need to spend $200 for business professional clothing as a one-time expense. Laura plans to start her bachelor's degree in business next year. She has not yet decided which university she will attend. She received a Pell grant and a federal student loan to pay her tuition and books for her associates degree. Since she has not yet started her bachelor's degree, she is not eligible for a student loan deferment. Her monthly student loan payment will be $150 and starts next month. . Laura's car payment is $225 per month for the next 4 years. Her car insurance is $132 per month. She estimates that she will spend $50 per month for ancolino
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
What is the amount of Laura’s monthly cash outflows if she chooses to rent the apartment by her herself?
Use the rent amount for the one bedroom apartment to complete her budget?
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Her cell phone is $125 per month.
. Laura spends $25 per week for drinks and snacks.
. She also eats out 4 times a week and estimates that she spends $68 each week.
Laura spends $150 per month on groceries.
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Laura is planning to rent a one-bedroom apartment that is close to her new job. She checked her
credit score and discovered that it was 600, which will require her to have a co-signer on the
rental agreement.
. Laura will be required to pay a $200 security deposit and the first and last month's rent of
$675.
. The rent will be due by the 5th of each month.
. The apartment complex estimated that she would spend $150 per month for the gas,
water, and electric utilities.
Laura's best friend Sandra asked her to rent a 2-bedroom apartment with her.
. The total rent is $800.
The total security deposit is $200.
. Laura and Sandra would split the cost of the rent and security deposit.
. They must pay the first and last month rent, and security deposit upon signing the rental
agreement.
. The apartment complex estimated that they would spend $300 per month for the gas,
water, and electric utilities.
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Laura will use furniture that her parents gave her until she can afford to buy new furniture.
However, she does need to purchase a few small kitchen appliances, as well as dishes and
eating utensils.
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Laura Avila is a 20-year-old female who recently graduated from CNM with her associates
degree in business. She has accepted a job as an office manager with ABC Business Solutions
for $35,000 gross annual salary per year. ABC Business Solutions pays its employees on a
weekly basis.
Use the following when calculating Laura's weekly net income:
. Federal Income Tax $75.00
. Social Security 6.2%
. Medicare 1.45%
. State Income Tax 5%
f
CASH OUTFLOWS (Expenses):
Her parents recently moved out of state, so Laura is responsible for her own living arrangements
and budget. ABC Business Solutions requires employees to dress in business professional
clothes. The clothes she currently wears include khaki pants, polo shirts, blouses, and button up
shirts. ABC Business Solutions informed her that this is considered business casual and can
only be worn on Fridays. Laura estimates that she will need to spend $200 for business
professional clothing as a one-time expense.
Laura plans to start her bachelor's degree in business next year. She has not yet decided which
university she will attend. She received a Pell grant and a federal student loan to pay her tuition
and books for her associates degree. Since she has not yet started her bachelor's degree, she
is not eligible for a student loan deferment. Her monthly student loan payment will be $150 and
starts next month.
. Laura's car payment is $225 per month for the next 4 years.
. Her car insurance is $132 per month.
She estimates that she will spend $50 per month for gasoline
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Follow-up Question
What is the amount of gross
Transcribed Image Text:de
CASH INFLOWS (Income):
Laura Avila is a 20-year-old female who recently graduated from CNM with
her associates degree in business. She has accepted a job as an office
manager with ABC Business Solutions for $35,000 gross annual salary per
year. ABC Business Solutions pays its employees on a weekly basis.
Use the following when calculating Laura's weekly net income:
Federal Income Tax $75.00
Social Security 6.2%
Medicare 1.45%
State Income Tax 5%
CASH OUTFLOWS (Expenses):
Her parents recently moved out of state, so Laura is responsible for her
own living arrangements and budget. ABC Business Solutions requires
employees to dress in business professional clothes. The clothes she
currently wears include khaki nants polo shirts blouses and button un
M
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✓
0
Mar
Solution
by Bartleby ExpertFollow-up Question
What is the amount of gross
Transcribed Image Text:de
CASH INFLOWS (Income):
Laura Avila is a 20-year-old female who recently graduated from CNM with
her associates degree in business. She has accepted a job as an office
manager with ABC Business Solutions for $35,000 gross annual salary per
year. ABC Business Solutions pays its employees on a weekly basis.
Use the following when calculating Laura's weekly net income:
Federal Income Tax $75.00
Social Security 6.2%
Medicare 1.45%
State Income Tax 5%
CASH OUTFLOWS (Expenses):
Her parents recently moved out of state, so Laura is responsible for her
own living arrangements and budget. ABC Business Solutions requires
employees to dress in business professional clothes. The clothes she
currently wears include khaki pants polo shirts blouses and button un
M
O O O
✪ 1
6
Oll
a
&
∞ða
7
O
*
8
O
I
(
9
✓
0
Mar
Solution
by Bartleby ExpertKnowledge Booster
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