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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. $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

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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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. They like you to input the correct values for the first three months of next year. would Name(s): Kerry and Kim Lee For the year ending: Income Wages and salaries Income and Expense Statement Bonuses and commissions (1) Total Income: Expenses Housing Utilities Food Transportation Insurance Taxes Fun money Parents' loan (2) Total Expenses: Surplus (Deficit): As of December 31, 20XX Name: Kerry Lee Name: Kim Lee Kerry's bonus Puget Sound Energy Verizon Groceries Auto loan Public transportation Cruise to Mexico Dollars $ 20,500 18,450 2,050 $41,000 $5,400 600 300 1,080 4,320 2,400 900 9,738 3,000 700 $28,438 $12,562 In 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 them The 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.
Transcribed Image Text: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. They like you to input the correct values for the first three months of next year. would Name(s): Kerry and Kim Lee For the year ending: Income Wages and salaries Income and Expense Statement Bonuses and commissions (1) Total Income: Expenses Housing Utilities Food Transportation Insurance Taxes Fun money Parents' loan (2) Total Expenses: Surplus (Deficit): As of December 31, 20XX Name: Kerry Lee Name: Kim Lee Kerry's bonus Puget Sound Energy Verizon Groceries Auto loan Public transportation Cruise to Mexico Dollars $ 20,500 18,450 2,050 $41,000 $5,400 600 300 1,080 4,320 2,400 900 9,738 3,000 700 $28,438 $12,562 In 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 them The 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 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 оо Dividend and interest income Savings and investments This is because: January $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 $ $ $ 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. March The couple needs to increase their distributions from their retirement plans. $ 1,153 $ 50 $ 90 $ 200 $ 58 $ 1,708 $ $ Total for Three Months $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
Transcribed Image Text: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 оо Dividend and interest income Savings and investments This is because: January $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 $ $ $ 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. March The couple needs to increase their distributions from their retirement plans. $ 1,153 $ 50 $ 90 $ 200 $ 58 $ 1,708 $ $ Total for Three Months $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
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