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Money Management Strategy: Financial Statements and Budgeting Jamie Lee, age 25 Nowa busy fulltime college student and part-time baker 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 toward salings, which, which includes accumulating enough money Poward the $9,000 down payment she needs to achieve her dream GNdopel a cupcake cate, amie Lee has been making regular deposits to her regular and emergency Saving's 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 and entertainment, and how her debut compares to her Savings and assets. She realizes that she must stay on track and keep a detailed budget. she is forealize her dream of being Self-employed her sauliyou must stay op track and, Reep UU SP she is forcalize her dream of being Self- einployed after colleg graduation Current Financial Situatia. Assets: Ckiaccount: $1256 Liabilities Emergency funds from Student Loan:$ 5,406 saving account: $3100 Credit Card balance $400 Car: $4006 Income: Gross mathly Salary: $21.25 Net Monthly salary: $1,560 Savings: Regular savings: $150 Rainy day Savings: $25 s Study Problem has 4 parts Case Q.-4 QUO According to the text a personal Balance Sheet'isa Statement of your Net worth. It is an accounting of what you own as well as what you owe. Use the interation prouide, prepare a personal balance Sheet for Jamie Lee 2 Using the table, found in Ratios for Evaluating Financial Progress: What is Jamie Lee's deftratio? When comparing Jamie Lee's liabilities and her wet worth is the relationship of avorable one? 13 Using the tabe found in Ratios for Evaluating Puancial Hoss What is Somies saviyas.ratio using the Rule of thumb fecommended by financial expens I she saving enough? 1. b (3) Using the table foundin Ratios for Evaluating Francia Progress what is Jamies savings ratio? Using the Rule of thumb recommended by financial experts is she saving enough? sing Exhibid 3-8Iypical After-Tax Budget Allocations for Different Life Situatia si calculate the budget allocations for Jamie Lee, using her Net monthly salary for after-tax salary amount. Is she within the recommended parameters for a student? Monthly Expenses: Entertainment, Rent obligations : $275 Cake decorating class: $35. Utilities obligations: $125 Movies with friends : $50 Foodi $120 Gasm autenance: $100 Credit Card payments: $50 s study Problem has 4 parts to Erol Case Q.-4 Q11 According to the text la personal Balance Sheet'i sa Statement of your Net Worth It is all accounting of what you own as w as buhat you owe. Use the information prouide prepare a personal balance Sheet for Jamie Lee 2 Using the table, found in Ratios for Evaluating Focal Horses what is Jamie Lee's dels ratio? Whet comporing Jamie Lee's liabilities and her Networth is the relationship afavorable one! 3 Sing the table foundin Ratios for Evaluating Tuancial tagress, what is amies sapinus ration using the Rule of thumb tommended by financial experts Is she saving enou ah? By the table found in Ratios Por Evaluty Free Whabis Satve r amathie Rule Pombetowered by wancial epis is she saving enough? @srbiy Tya After:Tax Budget Allocations for D r Situation calculate Hebudest allow for Jamielee, Singer o Tronthly salary cortar tu balonemurite Ish remmande parameter bor! Money Management Strategy: Financial Statements and Budgeting Jamie Lee, age 25 Nowa busy fulltime college student and part-time baker 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 toward salings, which, which includes accumulating enough money Poward the $9,000 down payment she needs to achieve her dream GNdopel a cupcake cate, amie Lee has been making regular deposits to her regular and emergency Saving's 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 and entertainment, and how her debut compares to her Savings and assets. She realizes that she must stay on track and keep a detailed budget. she is forealize her dream of being Self-employed her sauliyou must stay op track and, Reep UU SP she is forcalize her dream of being Self- einployed after colleg graduation Current Financial Situatia. Assets: Ckiaccount: $1256 Liabilities Emergency funds from Student Loan:$ 5,406 saving account: $3100 Credit Card balance $400 Car: $4006 Income: Gross mathly Salary: $21.25 Net Monthly salary: $1,560 Savings: Regular savings: $150 Rainy day Savings: $25 s Study Problem has 4 parts Case Q.-4 QUO According to the text a personal Balance Sheet'isa Statement of your Net worth. It is an accounting of what you own as well as what you owe. Use the interation prouide, prepare a personal balance Sheet for Jamie Lee 2 Using the table, found in Ratios for Evaluating Financial Progress: What is Jamie Lee's deftratio? When comparing Jamie Lee's liabilities and her wet worth is the relationship of avorable one? 13 Using the tabe found in Ratios for Evaluating Puancial Hoss What is Somies saviyas.ratio using the Rule of thumb fecommended by financial expens I she saving enough? 1. b (3) Using the table foundin Ratios for Evaluating Francia Progress what is Jamies savings ratio? Using the Rule of thumb recommended by financial experts is she saving enough? sing Exhibid 3-8Iypical After-Tax Budget Allocations for Different Life Situatia si calculate the budget allocations for Jamie Lee, using her Net monthly salary for after-tax salary amount. Is she within the recommended parameters for a student? Monthly Expenses: Entertainment, Rent obligations : $275 Cake decorating class: $35. Utilities obligations: $125 Movies with friends : $50 Foodi $120 Gasm autenance: $100 Credit Card payments: $50 s study Problem has 4 parts to Erol Case Q.-4 Q11 According to the text la personal Balance Sheet'i sa Statement of your Net Worth It is all accounting of what you own as w as buhat you owe. Use the information prouide prepare a personal balance Sheet for Jamie Lee 2 Using the table, found in Ratios for Evaluating Focal Horses what is Jamie Lee's dels ratio? Whet comporing Jamie Lee's liabilities and her Networth is the relationship afavorable one! 3 Sing the table foundin Ratios for Evaluating Tuancial tagress, what is amies sapinus ration using the Rule of thumb tommended by financial experts Is she saving enou ah? By the table found in Ratios Por Evaluty Free Whabis Satve r amathie Rule Pombetowered by wancial epis is she saving enough? @srbiy Tya After:Tax Budget Allocations for D r Situation calculate Hebudest allow for Jamielee, Singer o Tronthly salary cortar tu balonemurite Ish remmande parameter bor