Upon graduation from University in May, you decide to establish a monthly budget to include the following items: 1. Gross Salary ($36,000 annually to start, but after 3 months you will get a 10% increase). 2. Withholdings (Income tax, social security, medicare, health insurance, etc. = 30% percent of gross salary. 3. Food/household/incidentals (Monthly, food $340, Household $200, incidentals $150) 4. Monthly Rent ($800.00) 5. Utilities (monthly, 40% of monthly rent) 6. Auto payment (Monthly, per amortization schedule you will prepare) 7. Auto gas and maintenance (Monthly, $275) 8. Auto Insurance ($498 paid semi-annually) 9. Savings (monthly, 5% of salary) 10. Clothing ($125 July 5th, $180 September 20th, $265 December 10th) 11. Entertainment (monthly, 10% of salary) 12. Laptop purchased in October 2nd for $1,799 As a graduation present, you receive $10,000 cash to help you with startup expenses as you join the working world. You take the month of June to find a place to live, paying the first months rent and a deposit equal to one months rent, and move in on July 1. You purchase a car in June and finance it over 7 years with monthly payments beginning in July. Purchase price of the car $22,000, 5% interest rate, and $2000 down payment. You begin work on July 1, 2016 and are paid on the 15th and last day of each month. Utilities are due on the 10th of the month following the month used. Prepare projected personal financial statements for six months (July through December), using EXCEL including separate worksheets for a balance sheet, a statement of cash receipts and disbursements, and an amortization schedule for the purchase of your car. The amortization schedule is to link to the balance sheet (asset and related liability) and the statement of cash receipts and disbursements (for the payments made). The statement of cash receipts and disbursements will then link to the balance sheet (cash balance, capital account, etc.).

Balance Sheet May 31, 2016

Cash $10,000

Total Assets $10,000

Capital $10,000

Total Liabilities and Capital $10,000