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 "O" for any unused categories. $2,645 $2,220 Actual Amounts Income: Gross monthly salary Net monthly salary Savings allocation: Regular savings Rainy-day savings Entertainment: Cake decorating class Movies with friends Monthly expenses: Rent obligation Utilities/electricity Utilities/water Utilities/cable TV Food Gas/maintenance Credit card payment Car insurance Clothing $280 $140 $40 $200 $185 $265 $160 $30 $45 $80 $60 $85 $205 Monthly Expenses: Rent obligation $2,150 $255 $4,900 Utilities/electricity $105 Budgeted Amounts Assets: Checking account Emergency fund savings account Car Computer & iPad Liabilities: Student loan Credit card balance Income: $5,800 $1,400 Utilities/water Utilities/cable TV Food Gas/maintenance Credit card payment Car insurance $65 $150 $145 $125 $75 $75 $7,200 $1,300 $1,400 $7,200 $1,300 Computer & iPad Liabilities: Student loan Credit card balance Income: Gross monthly salary Net monthly salary Savings allocation: Regular savings Rainy day savings Utilities/cable TV Food Gas/maintenance Credit card payment Car insurance Clothing Entertainment: Cake decorating class Movies with friends $150 $145 $125 $75 $75 $75 $2,455 $2.030 $45 $80 $160 $30 Answer is complete but not entirely correct. Budgeted Amounts Income (Inflows) Dollar Percent $ 2,030 100% Salary Other Actual Variance Amounts $ 2,220$ (190) $ 0$ 0 2,220 (190) $ 0% Total income $ 2,030 100% Total income 2,030 100% 2,220 (190) Budgeted Amounts Disbursements (Outflows) Dollar Percent Actual Amounts Variance $ 4,900 X 241.38% 0 X $ 4,900 Emergency fund savings Emergency fund Savings (regular) Savings Total savings $ 160 7.88% $ 160 $ 0 $ 30 X 1.48% $ 30 X $ 0 $ 5,090 250.74% $ 190 $ 4,900 Fixed expenses $ 255 12.56% $ 280 (25) 0 0.00% $ 0 0 Mortgage or rent Property taxes Loan/credit card payment Insurance $ 75 3.69% $ 60 $ 15 $ 75 3.69% $ 85 $ Other $ 125 x 6.16% $ 205 X $ (10) (80) (100) Total fixed expenses $ 530 26.10% $ 630 $ Variable expenses Food 145 7.14% $ 185 $ (40) Utilities $ 380 X 18.72% $ 320 X $ 60 0.00% $ 0 Clothing Transportation costs $ 0 x 0.00% $ 0 X $ 0 Insurance $ 75 3.69% $ 85 $ $ 125 6.16% $ 205 $ Other Total fixed expenses (10) (80) (100) ] $ 530 26.10% $ 630 $ Variable expenses Food $ 145 7.14% $ 185 $ (40) Utilities $ 380 X 18.72% $ 320 X $ 60 $ 0 X 0.00% $ 0 X $ 0 $ 0 X 0.00% $ $ Clothing Transportation costs Personal care Medical and health care Entertainment o o $ 0.00% $ $ $ 0 0.00% $ 0 $ 0 $ 0.00% $ X $ Education $ 0.00% $ $ O O O O o o o o Gifts/donations $ 0.00% $ $ 0 0 0 0 0 Miscellaneous $ 0.00% $ $ 0 0.00% $ 0 $ Other Total variable expenses Total expenses $ 525 25.86% $ 505 $ 20 $ 6,145 302.71% $ 1,325 $ 4,820
