• Assume you are a first-year university student and excited about moving away from home to go to university. You have saved $10,000 from your summer employment and your parents agreed to give you additional $12,500. You also received a $12,000 student loan. All of this money is intended to last you for the academic year. On September 1, you had $34,500 ($10,000 + $12,500 + $12,000), and a cellphone that costs $800. You kept all of the receipts for all of your expenditures between September 1 and December 15. The following is a complete list of your cash receipts. Receipt Description Amount $ Residence (for four months) 5,200 Damage deposit on residence 800 Tuition fee for Term 1 7000 Textbooks and supplies 950 Personal care costs 1,025 Meal plan (for four months) 1,200 New clothes, shoes, accessories 2,700 Entertainment 1,800 Cell phone monthly bills (for four months) 400 New tablet 1,100 Travel to go back home before Term 2 675 On December 15, you checked the balance in your bank account, and you only have $11,650 cash. You are anxious because you know residence for the second term will cost you $5,200, the meal plan will cost you $1,200, and your tuition will cost you $7,000. You are $1,750 in the hole before even purchasing textbooks or anything else for next term. You need to figure out where you stand before you can talk to your parents about needing more money for the next term. You are getting more and more worried about what to do next 1. Calculate your personal equity (deficit) as of September 1, 2021.