Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ICA #3 Jillian is a 21-year-old college student. Recently, she found that she kept running out of money each month. Her parents have been making

image text in transcribed
ICA #3 Jillian is a 21-year-old college student. Recently, she found that she kept running out of money each month. Her parents have been making up the difference as needed, but they just informed her that she needs to figure out how to live within her means. So, starting this month, Jillian's parents are not going to help her out anymore. Based on Jillian's financial situation below, 1), fill out a cash-flow statement for this month for her, and 2) create a balanced budget for next month to help Jillian live within her means and achieve her financial goals. "So, here's what I found this month. My rent is $600. I paid $400 for new clothes, spent $300 on groceries, $140 on gas, $45 for car insurance premium. My monthly car loan payment is $150 and cell phone bill is $50. Eating out cost me $180 and other entertainment was $90. I've been doing pretty.well at my waitressing job, and generally make about $1,300 (after tax). This month it was $1,350, and I expect the same one next month. During the pandemic, I also work as a food delivery driver. The base pay per delivery is $8. I made $600 with DeorDash this month and 1 expect the same one next month. I didn't include my tujtion. because I have a full scholarship that pays for it. I also have two financial goals of saving for a trip to Greece and paying off my ctudent loans immediately; neither of which I have started doing yet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Benefit Analysis With Reference To Environment And Ecology

Authors: James H. Meisel, K. Puttaswamaiah

1st Edition

1138521329, 978-1138521322

More Books

Students also viewed these Accounting questions

Question

What is the difference between a tax deduction and a tax credit?

Answered: 1 week ago