Upon graduation from your University in May, you decide to establish a monthly budget to include the following items: 1 . Gross Starting Annual Salary $30,000. (After 3 months you will get a 10% increase.) 2. Withholdings (Income tax, social security, Medicare, health insurance, etc. = 25 percent of gross salary.) 3. Food/household/incidentals (Monthly, you select the amount). 4. Monthly Rent (You select the amount). 5. Utilities (monthly, 20% of rent). 6. Auto payment (Monthly, per amortization schedule you will prepare). 7. Auto gas and maintenance (Monthly, you select the amount). 8. Auto Insurance (You select the amount that can be paid annually, semi-annually, quarterly, or monthly). 9. Savings (monthly, 5% percent of gross salary). 10. Clothing ( You select the amount and when to spend it). 11. Entertainment (as a percentage of salary, monthly). 12. Anything else you want to include. or PR to As a graduation present, you receive $10,000 cash on May 31 to help you with "startup" expenses as you join the working world. You take the month of June to find a place to live, pay the first month's rent and a deposit equal to one month's rent, and move in on July 1. You purchase a car in June, making a minimum down payment of $2,000, and financing the balance over 5 to 7 years with monthly payments beginning in July. You choose the purchase price of the car, the interest rate, and the financing period. You begin work on July 1 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. You are to 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 must 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 must then link to the balance sheet (cash balance, capital account, etc.)