Jamie Lee Jackson, age 24. now a busy full-time college student and part-time bakery clerk, has been trying to organize all of her priorities, including her budget. She has been wondering if she is allocating enough of her income towards savings, which includes accumulating enough money towards the $7.500 down payment she needs to begin her dream of opening a cupcake caf, Jamie Lee has been making regular deposits to both her regular, as well as her emergency savings account. She would really like to sit down and get a clearer picture of how much she is spending on various expenses, including rent, utilities, entertainment and how her debt compares to her savings and assets. Jamie Lee's telephone is currently paid for by her father as she is on the family phone plan She realizes that she must stay on track and keep a detailed budget if she is to realize her dream of being self-employed after college graduation Use the information below to record Jamie Lee's inflows and outflows of cash for a one-month period. Each answer must have a value for the assignment to be complete. Enter "O" for any unused categories Current Financial Situation Assets: Monthly Expenses: Checking account $1850 Rent obligation $225 Emergency fund savings $4,300 Utilities/electricity $75 account Car $5,200 Utilities/water $35 Computer & iPad $1100 Utilities/cable TV $120 Liabilities: Food $115 Student loan $6,500 Gas/maintenance $95 Credit card balance $1,000 Credit card payment $45 Income: Car Insurance $45 Gross monthly salary $2.155 Clothing $45 Net monthly salary $1,580 Entertainment: Savings allocation: Cake decorating class $90 Regular savings $130 Movies with friends $50 Rainy day savings $20 Jamie Lee Jackson, age 24. now a busy full-time college student and part-time bakery clerk, has been trying to organize all of her priorities, including her budget. She has been wondering if she is allocating enough of her income towards savings, which includes accumulating enough money towards the $7.500 down payment she needs to begin her dream of opening a cupcake caf, Jamie Lee has been making regular deposits to both her regular, as well as her emergency savings account. She would really like to sit down and get a clearer picture of how much she is spending on various expenses, including rent, utilities, entertainment and how her debt compares to her savings and assets. Jamie Lee's telephone is currently paid for by her father as she is on the family phone plan She realizes that she must stay on track and keep a detailed budget if she is to realize her dream of being self-employed after college graduation Use the information below to record Jamie Lee's inflows and outflows of cash for a one-month period. Each answer must have a value for the assignment to be complete. Enter "O" for any unused categories Current Financial Situation Assets: Monthly Expenses: Checking account $1850 Rent obligation $225 Emergency fund savings $4,300 Utilities/electricity $75 account Car $5,200 Utilities/water $35 Computer & iPad $1100 Utilities/cable TV $120 Liabilities: Food $115 Student loan $6,500 Gas/maintenance $95 Credit card balance $1,000 Credit card payment $45 Income: Car Insurance $45 Gross monthly salary $2.155 Clothing $45 Net monthly salary $1,580 Entertainment: Savings allocation: Cake decorating class $90 Regular savings $130 Movies with friends $50 Rainy day savings $20
