Case 10.63 a1

In this chapter, you learned about the benefits of budgeting for a business. It is also important for individuals, especially students. Jo is an accounting major. Jos estimate of expenses for the next eight-month academic year (September to May) are given in the chart below. Jo receives $750 per month from family members, Annually, Jo gets a total of $700 from a part-time job and $1,200 from a bursary.

Tuition and fees		$6,200		Books and supplies		$1,500
Residence and food		9,200		Internet connection		295
Local travel (included with student fees)		0		Travel home		400
Clothing		400		Personal sundries		560
Entertainment and going out		424		Misc.		420

(a1) Prepare a budget for Jo. and calculate the shortfall.