Pls do fast...i will rate for sure Kerry and Kim started to create a budget (based on last year's income and expense statement) but got stuck. They know that you have learned how to create budgets and are asking for your help. Theylike you to input the correct values for the first three months of next year.wouldName(s): Kerry and Kim LeeFor the year ending:IncomeWages and salariesIncome and Expense StatementBonuses and commissions(1) Total Income:ExpensesHousingUtilitiesFoodTransportationInsuranceTaxesFun moneyParents' loan(2) Total Expenses:Surplus (Deficit):As of December 31, 20XXName: Kerry LeeName: Kim LeeKerry's bonusPuget Sound EnergyVerizonGroceriesAuto loanPublic transportationCruise to MexicoDollars$ 20,50018,4502,050$41,000$5,4006003001,0804,3202,4009009,7383,000700$28,438$12,562In addition to the statement, you will need to know the following information:• They estimated their net annual income (after taxes and employer deductions) at $15,375 for Kerry and $13,838 for Kim• Insurance is paid at the end of each calendar quarter• Kim purchases her commuter pass on the first of each month• The parents' loan is money they borrowed from Kim's parents to pay off their student loans. How much they pay each month is determined by themThe fun money listed on the statement is the money spent for a cruise to Mexico. They didn't keep track of any other entertainment expenses (such as dinners out and movies)incurred during the year. Three-Month Cash Budget (By Month)Name(s): Kerry and Kim LeeFor: Three monthsIncomeKerry's salaryKim's salaryTotal incomeExpensesRentUtilities:Puget Sound EnergyVerizonFoodAutomobilePublic transportationInsuranceParents' loanFun moneyTotal expensesCash surplus (deficit)Cumulative surplus (deficit)Pensions and annuitiesооDividend and interest incomeSavings and investmentsThis is because:January$1,2811,1532,4344505025903602000582501,483951$951Ending: March 31, 20XXFebruary1,281$$450$25$360$0$250$$$Looking at the completed budget, what single item would you recommend that they add to their budget?The couple needs to budget for contingencies and save for future goals.The couple needs to increase their taxable income.MarchThe couple needs to increase their distributions from their retirement plans.$1,153$50$90$200$58$1,708$$Total for Three Months$$$$$$$$$$$$$$$

An individual or any business entity regularly prepares a summary of cash that will be expensed and…

Three-Month Cash Budget (By Month) Name(s): Kerry and Kim Lee For: Three months Income Kerry's salary Kim's salary Total income Expenses Rent Utilities: Puget Sound Energy Verizon Food Automobile Public transportation Insurance. Parents' loan Fun money Total expenses Cash surplus (deficit) Cumulative surplus (deficit) Pensions and annuities. Dividend and interest income Savings and investments January This is because: $1,281 1,153 2,434 450 50 25 90 360 200 0 58 250 1,483 951 $951 Ending: March 31, 20XX February 1,281 $ $ 450 $ 25 $ 360 $ 0 $ 250 $ $ $ The couple needs to budget for contingencies and save for future goals. The couple needs to increase their taxable income. March Looking at the completed budget, what single item would you recommend that they add to their budget? The couple needs to increase their distributions from their retirement plans. $ 1,153 $ $ 50 $ 90 $ 200 $ 58 $ 1,708 $ $ Total for Three Months. $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

Three-Month Cash Budget (By Month) Name(s): Kerry and Kim Lee For: Three months Income Kerry's salary Kim's salary Total income Expenses Rent Utilities: Puget Sound Energy Verizon Food Automobile Public transportation Insurance. Parents' loan Fun money Total expenses Cash surplus (deficit) Cumulative surplus (deficit) Pensions and annuities. Dividend and interest income Savings and investments January This is because: $1,281 1,153 2,434 450 50 25 90 360 200 0 58 250 1,483 951 $951 Ending: March 31, 20XX February 1,281 $ $ 450 $ 25 $ 360 $ 0 $ 250 $ $ $ The couple needs to budget for contingencies and save for future goals. The couple needs to increase their taxable income. March Looking at the completed budget, what single item would you recommend that they add to their budget? The couple needs to increase their distributions from their retirement plans. $ 1,153 $ $ 50 $ 90 $ 200 $ 58 $ 1,708 $ $ Total for Three Months. $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter3: Financial Statements, Tools, And Budgets

Section: Chapter Questions

Problem 6DTM

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I have a finance team at work. As the year progresses, they need to maintain a record of cash flow and expenditure. What will they be required to do as a first step to building a budget? Question 1Select one: A. Find out the balance sheet of the company B. Find the profit and loss for the previous year C. Identify the expenditure and demand along with the cash flow of the company D. Build an income and expenditure statement Incorrect
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Please help me to prepare revenue budget..
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