Question
Stephanie Spratt comes to you for advice. Due to a very weak economy, she was just laid off from her job. She will receive $1,200
Stephanie Spratt comes to you for advice. Due to a very weak economy, she was just laid off from her job. She will receive $1,200 per month for the next six months.
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Offer advice to her on how she should revise her cash flow statement based on an income of $1,200 per month, assuming that she expects to be rehired within the next six months.
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Assume that Stephanie might remain unemployed for an additional six months. Identify the possible ways that she could revise her personal cash budget and balance sheet to survive.
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Explain the interaction between the personal balance sheet and the personal cash flow statement in a situation like this when income is not sufficient to cover monthly bills.
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