Jamie Lee Jackson, age 24, now a busy full-time college student and part-time bakery clerk, has...
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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 $11,000 down payment she needs to begin her dream of opening a cupcake caf. 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 "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 Assets Liquid assets Monthly Expenses: $1,450 Rent obligation $3,500 Utilities/electricity $4,400 Utilities/vater $700 Utilities/cable TV Food $5,800 Gas/maintenance $600 Credit card payment Car insurance $2,325 Clothing $1,790 Entertainment: Cake decorating class $170 Movies with friends $45 $295 $100 $65 $80 $160 $120 $70 $70 $70 $50 $70 es Assets Liquid assets Checking account balance Savings/money market accounts, funds Cash value of life insurance Other $ 1,450 Total liquid assets $ 1,450 Household assets and possessions Current market value of home Market value of automobiles Furniture Computer, electronics, camera Jewelry Other Other Total household assets Investment assets Savings certificates Stocks and bonds Retirement accounts Mutual funds Other Total investment assets Total assets Liabilities Current liabilities Charge account and credit card balances Other S 0 $ 1,450 Total current liabilities Long-term liabilities Mortgage Loan balances Other Total long-term liabilities Total liabilities Net Worth (Assets minus liabilities) $ 0 $ 0 $ 0 "A 1,450 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 $11,000 down payment she needs to begin her dream of opening a cupcake caf. 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 "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 Assets Liquid assets Monthly Expenses: $1,450 Rent obligation $3,500 Utilities/electricity $4,400 Utilities/vater $700 Utilities/cable TV Food $5,800 Gas/maintenance $600 Credit card payment Car insurance $2,325 Clothing $1,790 Entertainment: Cake decorating class $170 Movies with friends $45 $295 $100 $65 $80 $160 $120 $70 $70 $70 $50 $70 es Assets Liquid assets Checking account balance Savings/money market accounts, funds Cash value of life insurance Other $ 1,450 Total liquid assets $ 1,450 Household assets and possessions Current market value of home Market value of automobiles Furniture Computer, electronics, camera Jewelry Other Other Total household assets Investment assets Savings certificates Stocks and bonds Retirement accounts Mutual funds Other Total investment assets Total assets Liabilities Current liabilities Charge account and credit card balances Other S 0 $ 1,450 Total current liabilities Long-term liabilities Mortgage Loan balances Other Total long-term liabilities Total liabilities Net Worth (Assets minus liabilities) $ 0 $ 0 $ 0 "A 1,450
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Related Book For
Focus On Personal Finance
ISBN: 9780077861742
5th Edition
Authors: Jack R. Kapoor, Les R. Dlabay Professor, Robert J. Hughes, Melissa Hart
Posted Date:
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