Question
In: Accounting
Jamie Lee Jackson, age 24, now a busy full-time college student and part-time bakery clerk, has...
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 $7,000 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. 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 details below to complete Jamie Lee's personal financial plan to determine her financial position. Each answer must have a value for the assignment to be complete. Enter "0" for any unused categories.
Current Financial Situation
| Assets: | Monthly Expenses: | |||
| Checking account | $1,800 | Rent obligation | $220 | |
| Emergency fund savings account | $4,200 | Utilities/electricity | $70 | |
| Car | $5,100 | Utilities/water | $30 | |
| Computer & iPad | $1,050 | Utilities/cable TV | $115 | |
| Liabilities: | Food | $110 | ||
| Student loan | $6,500 | Gas/maintenance | $90 | |
| Credit card balance | $950 | Credit card payment | $40 | |
| Income: | Car insurance | $40 | ||
| Gross monthly salary | $2,105 | Clothing | $40 | |
| Net monthly salary | $1,535 | Entertainment: | ||
| Savings allocation: | Cake decorating class | $85 | ||
| Regular savings | $125 | Movies with friends | $45 | |
| Rainy day savings | $50 |
|
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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