Richard and Elizabeth Walkerare preparing their 2017 cash budget. Help the Walkers reconcile the following differences, giving
Question:
a. Their only source of income is Richard's salary, which amounts to $5,000 a month before taxes. Elizabeth wants to show the $5,000 as their monthly income, whereas Richard argues that his take-home pay of $3,917 is the correct value to show.
b. Elizabeth wants to make a provision for fun money, an idea that Richard cannot understand.
He asks, "Why do we need fun money when everything is provided for in the budget?"
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a If the taxes and other payroll deductions are considered out of their control then only the take h...View the full answer
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Related Book For 
Personal Financial Planning
ISBN: 978-1305636613
14th edition
Authors: Randy Billingsley, Lawrence J. Gitman, Michael D. Joehnk
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