Use the following information to create a budget for the Constantine family. The Constantine family recently...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Use the following information to create a budget for the Constantine family. The Constantine family recently had a budget deficit, something that they want to avoid because they understand that it can create problems in the future. Jason and Karen Constantine are married and have two children (ages 10 and 12). They have asked you to help them develop a budget that does not have a budget or a surplus. Use Exhibit 2-6 on page 55 to help the family develop a budget- the savings account can be used to avoid a surplus/deficit. Current Situation Suggested Budget Monthly Income $2,800 Monthly Income $2,800 Expenses Expenses Rent $950 Rent Utilities $120 Utilities Cell phone $55 Cell phone Cable/Internet $125 Cable/Internet Food at home $385 Food at home Food away from home $230 Food away from home Car payment $410 Car payment Gas and oil changes $140 Gas and oil changes Insurance $125 Insurance Clothing $200 Clothing Personal items $185 Personal items Donations $50 Donations savings $35 savings Total spending $3,010 Total spending Surplus (deficit) ($210) Surplus (deficit) Use the following information to create a budget for the Constantine family. The Constantine family recently had a budget deficit, something that they want to avoid because they understand that it can create problems in the future. Jason and Karen Constantine are married and have two children (ages 10 and 12). They have asked you to help them develop a budget that does not have a budget or a surplus. Use Exhibit 2-6 on page 55 to help the family develop a budget- the savings account can be used to avoid a surplus/deficit. Current Situation Suggested Budget Monthly Income $2,800 Monthly Income $2,800 Expenses Expenses Rent $950 Rent Utilities $120 Utilities Cell phone $55 Cell phone Cable/Internet $125 Cable/Internet Food at home $385 Food at home Food away from home $230 Food away from home Car payment $410 Car payment Gas and oil changes $140 Gas and oil changes Insurance $125 Insurance Clothing $200 Clothing Personal items $185 Personal items Donations $50 Donations savings $35 savings Total spending $3,010 Total spending Surplus (deficit) ($210) Surplus (deficit)
Expert Answer:
Answer rating: 100% (QA)
Monthly Income 2800 Expenses 1 Rent 950 2 Utilities 120 3 Cell phone 55 4 CableInternet 125 5 Food a... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
In terms of the inovice that has been received the recording clerk of AD should check for the price, terms and account details on the invoice against which document? Please select the correct answer....
-
Use the following information to complete Keith and Jennifer Hamilton's 2015 federal income tax return. If information is missing, use reasonable assumptions to fill in the gaps. Form 1040,...
-
1 What are the main components of personal financial planning? Solve What is the purpose of a financial plan? Solve Identify some common actions taken to achieve financial goals. How does a job...
-
In an attempt to identify ecologically friendly methods for controlling mosquito populations, researchers conducted eld experiments in India where aquatic nymphs of the dragony Brachytron pretense...
-
You are in the market for a new car. An important characteristic is the life span of the car. (Define lifespan as the number of miles driven until the car breaks down, requiring such extensive...
-
a. What determines who must file a tax return? b. Is an individual required to file a tax return if he or she owes no tax?
-
Why might an individual launch a denial of service attack on a company's Internet connection?
-
The adjusted trial balance of Hodges Company shows these data pertaining to sales at the end of its fiscal year, October 31, 2014: Sales Revenue $900,000; Freight-Out $14,000; Sales Returns and...
-
GTO Incorporated is considering an investment costing $204,420 that results in net cash flows of $30,000 annually for 12 years. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate...
-
You are planning to buy a house and you need a mortgage to finance it. You have found a mortgage lender that offers a fixed-rate mortgage with an interest rate of 3.5% per annum. The loan amount is...
-
1. What are the advantages of storing data in a SQLite database? 2. What makes SQLite an appropriate choice for an Android application, compared to other relational database management systems, such...
-
Write a brief description (1 to 3 pages)of the most important things that you learned in database management course. Explain why it is important to you and how it will help you to be more effective...
-
Suppose you own $ 1 million of securitized paper backed by interest payments on various sorts of consumer loans. There are 5 tranches ranging from AAA to CCC; for simplicity, assume that each tranche...
-
give explanation about the following terms A.QBE B.SQL C.OLAP D.Sequel Server
-
How to write a memo to Taylor Ambulance that evaluates database management in health care. Your memo should: Explain data collection standards used in the health care industry. Explain health care...
-
Transporting a patient to a destination hospital they do not want to go to against their will can technically be construed as: Assault Battery Abandonment False Imprisonment
-
The nitrogen atoms in N2 participate in multiple bonding, whereas those in hydrazine, N2H4, do not. (a) Draw Lewis structures for both molecules. (b) What is the hybridization of the nitrogen atoms...
-
One year ago the exchange rate between Polish zloty and the U.S. dollar was \(\mathrm{Z} 3.8000 / \mathrm{S}\). Since then the zloty has fallen \(14 \%\) against the dollar. Price levels in the...
-
On January 12, 2010, a 7.0 earthquake struck Haiti, leveling thousands of homes, cutting off electricity and telephone service, killing thousands, and leaving thousands more homeless and destitute in...
-
Pinot Noir wine is produced in the states of California (U.S.A.) and New South Wales (Australia). Equivalent bottles of Pinot Noir sell in the United States for US\$22 and in Australia for A\$34. a....
Study smarter with the SolutionInn App