12th Edition

ISBN: 9781259720680

Author: Jack R. Kapoor, Les R. Dlabay Professor, Robert J. Hughes, Melissa Hart

Publisher: McGraw-Hill Education

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Textbook Question

Chapter 3, Problem 1CC

Money management strategy: financial statements and budgeting
Jamie Lee Jackson, age 25, 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 toward savings, which includes accumulating enough money toward the $9,000 down payment she needs to achieve her dream and open a cupcake café.
Jamie Lee has been making regular deposits to her regular and emergency savings accounts. She would really like to sit down amid get a clearer picture of how much she is spending on various expenses, including rent, utilities, amid 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.

1. According to the text, a Personal Balance Sheet is a statement of your net worth. It is an accounting of what youown as well as what you owe. Using the information provided, prepare a personal balance sheet for Jamie Lee.

Current Financial Situation
Assets:		Monthly Expenses:
Checking account: $1,250		Rent obligation: $275
Emergency fund saving account:		Utilities obligation:
$3,100		$125
Car: $4,000		Food: $120
Liabilities:		Gas/maintenance: $100
Student loan: $5,400		Credit card payment:
Credit card balance: $400		$50
Income:		Saving:
Gross monthly salary: $2,125		Regular savings: $150
Net monthly salary: $1,560		Rainy day savings: $25
		Entertainment:
		Cake decorating class:
		$35
		Movies with friends:
		$50

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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Chapter 3, Problem 3FPC

Chapter 3, Problem 2CC

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Chapter 3 Solutions

Loose Leaf for Personal Finance

Ch. 3 - Prob. 3.1PQ1 Ch. 3 - Prob. 3.1PQ2 Ch. 3 - Prob. 3.1PQ3 Ch. 3 - Prob. 3.1PQ4 Ch. 3 - Prob. 3.2PQ1 Ch. 3 - Prob. 3.2PQ2 Ch. 3 - Prob. 3.2PQ3 Ch. 3 - Prob. 3.2PQ4 Ch. 3 - Prob. 3.3PQ1 Ch. 3 - Prob. 3.3PQ2

Ch. 3 - Prob. 3.3PQ3 Ch. 3 - Prob. 3.3PQ4 Ch. 3 - What actions might you take when evaluating your...Ch. 3 - Prob. 3.4PQ1 Ch. 3 - Prob. 3.4PQ2 Ch. 3 - Determining Liquid Assets and Current Liabilities....Ch. 3 - Calculating Balance Sheet Amounts. Based on the...Ch. 3 - 3. Preparing a Personal Balance sheet.Use the...Ch. 3 - 4. Computing Balance Sheet Amounts. For each of...Ch. 3 - Prob. 5FPP Ch. 3 - 6. Determining Financial Progress. Carl Lester has...Ch. 3 - 7. Determining Budget Variances. Fran Bowen...Ch. 3 - 8. Calculating the Effect of inflation. Bill and...Ch. 3 - Prob. 9FPP Ch. 3 - Prob. 10FPP Ch. 3 - Prob. 11FPP Ch. 3 - 12. Future Value of Savings. Kara George received...Ch. 3 - Researching Money Management Information. Talk to...Ch. 3 - Prob. 2FPA Ch. 3 - Prob. 3FPA Ch. 3 - Prob. 4FPA Ch. 3 - Prob. 5FPA Ch. 3 - Prob. 6FPA Ch. 3 - Prob. 1FPC Ch. 3 - Prob. 2FPC Ch. 3 - Prob. 3FPC Ch. 3 - Money management strategy: financial statements...Ch. 3 - Prob. 2CC Ch. 3 - Prob. 3CC Ch. 3 - Prob. 4CC Ch. 3 - Prob. 1DSD Ch. 3 - Prob. 2DSD

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