Total income QUESTION 333.1In January 2021 Siphiwo worked for a factory. His nett monthly salarywas R17 100,50.Use this information to complete his monthly budget:According to market researchers, people in Siphiwo income typically spenttheir money as shown below:* 26,5% on foodR12 000,00 on18,9% on.clothing and footwear yearlyà housing and electricityR700,00 on transport monthly* 4% on medical and dental expenses6,5% on insurance and investments funds3,7% on personal careR660,00 on communication monthly4,4% on savings5% on other thingsNOTE: Answer on the answer sheet provided at the end of thisquestion paper!QUESTION 4Study the till slip and answerFABIA'S SUPERM56 Dove AvenKing WilliaTel Nr: (Last d#INCOME:SalaryR 17 100,50Total income3.1.1R(1)EXPENSES:Food3.1.2Clothing and footwear3.1.3Housing and electricityTransportMedical and dental expenses3.1.4Insurance and investments funds3.1.5RRRRRR(1)(1)R 3 232,00R 700,00(1)(1)Personal careR 632,72Communication3.1.6R(1)SavingsOther things3.1.7TOTAL EXPENSES3.1.8INCOME EXPENSES3.1.9RRRRR 752,42rac(1)(1)(1)SURPLUS/DEFICIT3.1.10(1)(Please indicate)[10]Page 4 of 8

Responseshttps://www.investopedia.com/budgeting-4689726https://www.investopedia.com/terms/e/expenser…

Answered: QUESTION 3 3 3.1 In January 2021…

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter3: Financial Statements, Tools, And Budgets

Section: Chapter Questions

Problem 6DTM

See similar textbooks

Similar questions

Sandra's net income is $1247 per week. Sandra is trying to stick to a budget and allocates 20% of her pay to "wants." How much does Sandra have to spend on wants per week?
Benjamin Netanyahu sells fruit and vegetables from his market stall for cash. His budgeted sales for February, March and April are $45,000, $50,000 and $55,000 respectively. His suppliers allow him one month’s credit in which to pay for the fruit and vegetables that he sells. His purchases cost is budgeted to be 80% of the sales value of his produce. Benjamin rents his market stall at a cost of $1,000 per month, payable on the first day of each month. Electricity costs for his market stall amount to $200 per month and he pays for these quarterly in March, June, September and December. Benjamin withdraws $2,000 a month from his business for his own personal expenses. What is Benjamin's net cash inflow for March? $6,400 $6,800 $10,400 $10,800
3. What will be the budgeted ‘Salaries’ expenses for 2020 ($)? Note: The Answer field only accepts numbers. Thus, do not include $ or commas when you type your answer. Type your answer as a whole number (e.g., 200000). • Assume you are working on budgeting for the room department of your hotel. • Assume the hotel’s ‘Room Revenue (Sales)’ was $1,640,000 during 2019. Based on the lodging forecast report, you expect the ‘Room Revenue (Sales)’ to increase by 3.7% next year. • Assume the ‘Guest Supplies’ expenses (variable costs) from the room department was $246,000 during 2019. For 2020, this variable cost will remain at the same percentage of the Room Revenue (Sales) as experienced in 2019. • Assume the ‘Salaries’ expenses (fixed costs) from the room department was $280,000 during 2019. For 2020, this fixed cost will increase by 2% due to the expected increase in living expenses in this area.
Consider this example: Simone has a monthly net income of $4,456 dollars. Simone follows the 50/20/30 Budgeting Rule, so she will spend half (50%) of her net monthly income on essentials: $4,456/2 = $2,228 Since there are four essential items (housing, food, transportation, utilities), Simone could just divide her essentials budget by 4, and spend the same amount on each thing, which would look like this: In the image Do you think this is a good way for Simone to divide up her essentials budget? Why or why not? Explain. How do you plan to divide the essentials budger for dnetal?
Given the information below, answer questions 1-3. • Assume you are working on budgeting for the room department of your hotel. • Assume the hotel’s ‘Room Revenue (Sales)’ was $1,640,000 during 2019. Based on the lodging forecast report, you expect the ‘Room Revenue (Sales)’ to increase by 3.7% next year. • Assume the ‘Guest Supplies’ expenses (variable costs) from the room department was $246,000 during 2019. For 2020, this variable cost will remain at the same percentage of the Room Revenue (Sales) as experienced in 2019. • Assume the ‘Salaries’ expenses (fixed costs) from the room department was $280,000 during 2019. For 2020, this fixed cost will increase by 2% due to the expected increase in living expenses in this area. 1. What will be the budgeted ‘Room Revenue (Sales)’ for 2020 ($)? Note: The Answer field only accepts numbers. Thus, do not include $ or commas when you type your answer. Type your answer as a whole number (e.g., 200000).
Budgeting for a Service Firm Refer to the AccuTax Inc. example in the chapter. One of thepartners is planning to retire at the end of the year. May Higgins, the sole remaining partner, plansto add a manager at an annual salary of $90,000. She expects the manager to work, on average, 45hours a week for 45 weeks per year. She plans to change the required staff time for each hour spentto complete a tax return to the following:Business ReturnComplex IndividualReturnSimple IndividualReturnPartner 0.3 hour 0.05 hour —Manager 0.2 hour 0.15 hour —Senior consultant 0.5 hour 0.40 hour 0.2 hourConsultant — 0.40 hour 0.8 hourThe manager is salaried and earns no overtime pay. Senior consultants are salaried but receivetime and a half for any overtime worked. The firm plans to keep all the senior consultants and adjustthe number of consultants as needed including employing part-time consultants, who also are paidon an hourly basis. Higgins has also decided to have five supporting staff at $40,000…
Molander Corporation is a distributor of a sun umbrella used at resort hotels. Data concerning the next month’s budget appear below: Selling price per unit ........................................$30Variable expense per unit ............................. $20Fixed expense per month ............................ $7,500Unit sales per month .......................................... 1,000 Required:1. What is the company’s margin of safety?2. What is the company’s margin of safety as a percentage of its sales?
Martin Footwear produces high quality computer bags. The accountant has prepared the following budget information for 2019: Fixed costs (total) Manufacturing $2,500,000 Marketing and selling 250,000 Administrative 750,000 Total fixed costs $3,750,000 Other information Sales in dollars (total) $7,500,000 Selling price per unit $150 Variable manufacturing costs per unit $60 Variable selling costs per unit $10 Income tax rate 40% Required What is the break-even point for 2019 in units and in sales dollars? ( ignore income taxes) What is the projected net income before tax for 2019? How many computer bags will need to be sold to achieve a target profit, after taxes, of $3,000,000?
Decide whether it should be included in the cash budget for the business, for each transaction ; prepare a cash budget for the three months ending 31 March, 2022. 1. Anton invested £10,000 cash in the business on 1 January, 2022.2. Anton plans to make drawings of £800 per month for each personal expenditure.3. Anton purchases a computer for his personal use at a cost of £499 in January.4. Anton also purchased a computer in January for business purposes at a cost of £720 cash.5. He plans to buy a motor vehicle for £3,200 cash on 1 March, for business purposes.6. Sales estimates are as following:January = £4,200February = £ 3,200March = £2,9507. Sales are made 30% cash and 70% on one months’ credit.8. Purchases will be made for cash as follows:January = £ 2,800February = £1,500March = £17509. Other expenses are estimated as follows:• Electricity £285 payable at the end of the quarter.• Telephone costs of £120 per month, payable at the end of each month by cash.• Fuel cost for motor…
Home valued at $250,000 Mortgage balance of $150,000 Auto worth $25,000 $15,000 auto loan New household furnishings valued at $5,000 $4.500 loan for furniture Retirement account of $45,000 $1,500 in emergency savings $500 in checking $1500 in a CD $15,000 credit cards balances $500 per month for student loans; current balance is $25,000 $100 per month gym membership Assume this individual decides to create a budget. What are the two components of a budget? Assume this individual's friend decides to pursue postsecondary education. What are two types of financial aid that the friend could apply for that do not have to be repaid?
G & J Merchandising & More is a family-owned auto-partsstore. You are the management accountant of the concern and havebeen given the task of preparing the cash budget for the business for the quarter ending March31, 2021. Your data collection has yielded the following: (i)Extracts from the sales and purchases budgets are as follows:2020 November Cash sales- $151,100, Sales on Account- $480,000, Purchases-$390,000. December Cash sales -$145,500, Sales on account- $600,000, Purchases- $360,000 January Cash Sales-$159,025, Sales on account-$700,000$ Purchases- 505,000 February Cash Sales-$169,350, Sales on account- $650,000, Purchases-$400,000 March Cash sales $176,200, Sales on account- $800,000, Purchases-$518,000 (ii)An analysis of the records shows that trade receivables (accounts receivable) are settled according to the following credit pattern, in accordance with the credit terms 2/30, n90: 45% in the month of sale 30% in the first month following the sale 25% in the second…
Hart Ltd a wholesaler . His sales are made entirely on credit. In respect of sales any given month he expects 75% to be paid for in the following month, and 25% in the month after that. Budget data relating to 4 months of Harts sales are as follows: November £25,000, December £26,800, January£21,000 and February £21,300. State how much cash he should include in his cash budget for November to April?

SEE MORE QUESTIONS

Recommended textbooks for you

Personal Finance

Finance

ISBN:

9781337669214

Author:

GARMAN

Publisher:

Cengage

Personal Finance

Finance

ISBN:

9781337669214

Author:

GARMAN

Publisher:

Cengage

SEE MORE TEXTBOOKS