Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jamie Lee is reviewing her finances one month later. She has provided the actual amounts paid below. Use the cash budget table below to help

Jamie Lee is reviewing her finances one month later. She has provided the actual amounts paid below. Use the cash budget table below to help her identify the variances in her budget. Each answer must have a value for the assignment to be complete. Enter "0" for any unused categories.image text in transcribedimage text in transcribedimage text in transcribed

$2,775 $2,210 Actual Amounts Income: Gross monthly salary Net monthly salary Savings allocation: Regular savings Rainy-day savings Entertainment: Cake decorating class Movies with friends $120 $45 Monthly expenses: Rent obligation Utilities/electricity Utilities/water Utilities/cable TV Food Gas/maintenance Credit card payment Car insurance Clothing $350 $165 $85 $155 $255 $250 $90 $120 $190 $80 $40 Monthly Expenses: Rent obligation $1,750 $4,100 $325 $130 $5,000 $1,000 Budgeted Amounts Assets: Checking account Emergency fund savings account Car Computer & iPad Liabilities: Student loan Credit card balance Income: Gross monthly salary Net monthly salary Savings allocation: Regular savings Rainy day savings $6,400 $900 Utilities/electricity Utilities/water Utilities/cable TV Food Gas/maintenance Credit card payment Car insurance Clothing Entertainment: Cake decorating class Movies with friends $95 $110 $220 $150 $100 $100 $100 $2,625 $2,060 $80 $40 $120 $45 Budgeted Amounts Income (Inflows) Dollar Actual Amounts Variance $ 2,210 Salary Other Percent NaN NaN NaNNaN $ $ $ (2,210) 0 (2,210) Total income 0 $ 2,210 Disbursements (Outflows) Budgeted Amounts Dollar Percent Actual Amounts Variance $ Emergency fund savings Emergency fund Savings (regular) Savings Total savings Fixed expenses Mortgage or rent Property taxes Loan/credit card payment NaN NaN NaN 0.00% $ 0 $ 0 NaN NaN NaN Insurance NaN Other NaN 0.00% 0 0 $ 0 NaN NaN Total fixed expenses Variable expenses Food Utilities Clothing Transportation costs Personal care Medical and health care NaN NaN NaN NaN Medical and health care NaN A o Entertainment NaN A o Education NaN o A NaN A o NaN A o Gifts/donations Miscellaneous Other Total variable expenses Total expenses A o 0 NaN 0.00% NaN $ $ 0 0 $ $ 0

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_2

Step: 3

blur-text-image_3

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

Corporate Accounting Vol 1

Authors: Dr S. Kr. Paul, Prof. Chandrani Paul

1st Edition

164725146X, 9781647251468

More Books

Students also viewed these Accounting questions

Question

1. Whats your opinion, Joel? or Does anyone have another opinion?

Answered: 1 week ago

Question

What are the steps in the T&D process?

Answered: 1 week ago

Question

Define training and development.

Answered: 1 week ago