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 $9,000 down payment she needs to begin her dream of opening a cupcake café. 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: Checking account Emergency fund savings account Car Computer & iPad Liabilities: Student loan Credit card balance Income: Gross monthly salary Net monthly salary Savings allocation: Regular savings Rainy day savings Cash Inflows Salary (take-home) Other income Other income Total Cash Outflows Fixed expenses Mortgage or rent Loan/credit card payment Insurance Other Monthly Expenses: $1,250 Rent obligation $3,100 Utilities/electricity $4,000 Utilities/water $500 Utilities/cable TV Total fixed outflows Variable expenses Food $5,400 Gas/maintenance $400 Credit card payment Car insurance $2,125 Clothing $1,560 Entertainment: For Month Ending December 31 Cake decorating class $150 Movies with friends $25 $ $ $275 $80 $45 $60 $120 $100 $50 $50 $50 $35 $50
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 $9,000 down payment she needs to begin her dream of opening a cupcake café. 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: Checking account Emergency fund savings account Car Computer & iPad Liabilities: Student loan Credit card balance Income: Gross monthly salary Net monthly salary Savings allocation: Regular savings Rainy day savings Cash Inflows Salary (take-home) Other income Other income Total Cash Outflows Fixed expenses Mortgage or rent Loan/credit card payment Insurance Other Monthly Expenses: $1,250 Rent obligation $3,100 Utilities/electricity $4,000 Utilities/water $500 Utilities/cable TV Total fixed outflows Variable expenses Food $5,400 Gas/maintenance $400 Credit card payment Car insurance $2,125 Clothing $1,560 Entertainment: For Month Ending December 31 Cake decorating class $150 Movies with friends $25 $ $ $275 $80 $45 $60 $120 $100 $50 $50 $50 $35 $50
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 52P
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can you help me fill this out
Transcribed Image Text:Regular savings
Rainy day savings
Cash Inflows
Salary (take-home)
Other income
Other income
Total
Cash Outflows
Fixed expenses
Mortgage or rent
Loan/credit card payment
Insurance
Other
Total fixed outflows
Variable expenses
Food
Clothing
Electricity
Telephone
Water
For Month Ending December 31
Transportation
Personal care
Medical expenses
Recreation/entertainment
Gifts
Donations
Cable
Other
Total variable outflows
Total outflows
$150 Movies with friends
$25
Surplus (deficit)
Allocation of surplus
Emergency fund savings
Financial goal savings
Other savings
$
$
0
0
0
0
0
$50
Transcribed Image Text: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 $9,000 down payment she
needs to begin her dream of opening a cupcake café.
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:
Checking account
Emergency fund savings
account
Car
Computer & iPad
Liabilities:
Student loan
Credit card balance
Income:
Gross monthly salary
Net monthly salary
Savings allocation:
Regular savings
Rainy day savings
Cash Inflows
Salary (take-home)
Other income
Other income
Total
Cash Outflows
Fixed expenses
Mortgage or rent
Loan/credit card payment
Insurance
Other
Total fixed outflows
Monthly Expenses:
$1,250 Rent obligation
$3,100 Utilities/electricity
$4,000 Utilities/water
$500 Utilities/cable TV
Variable expenses
Food
$5,400 Gas/maintenance
$400 Credit card payment
Car insurance
Clothing
For Month Ending December 31
$2,125
$1,560 Entertainment:
Cake decorating class
$150 Movies with friends
$25
$
$
0
$275
$80
$45
$60
$120
$100
$50
$50
$50
$35
$50
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