Question
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.
| Actual Amounts | ||||
| Income: | Monthly expenses: | |||
|---|---|---|---|---|
| Gross monthly salary | $2,225 | Rent obligation | $295 | |
| Net monthly salary | $1,660 | Utilities/electricity | $100 | |
| Savings allocation: | Utilities/water | $35 | ||
| Regular savings | $150 | Utilities/cable TV | $95 | |
| Rainy-day savings | $25 | Food | $145 | |
| Entertainment: | Gas/maintenance | $150 | ||
| Cake decorating class | $35 | Credit card payment | $25 | |
| Movies with friends | $50 | Car insurance | $60 | |
| Clothing | $150 | |||
Budgeted Amounts
| Assets: | Monthly Expenses: | ||
|---|---|---|---|
| Checking account | $1,250 | Rent obligation | $275 |
| Emergency fund savings account | $3,100 | Utilities/electricity | $80 |
| Car | $4,000 | Utilities/water | $45 |
| Computer & iPad | $500 | Utilities/cable TV | $60 |
| Liabilities: | Food | $120 | |
| Student loan | $5,400 | Gas/maintenance | $100 |
| Credit card balance | $400 | Credit card payment | $50 |
| Income: | Car insurance | $50 | |
| Gross monthly salary | $2,125 | Clothing | $50 |
| Net monthly salary | $1,560 | Entertainment: | |
| Savings allocation: | Cake decorating class | $35 | |
| Regular savings | $150 | Movies with friends | $50 |
| Rainy day savings | $25 |
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Public Finance
Authors: Richard W. Tresch
2nd Edition
0126990514, 978-0126990515
