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 $13,500 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. Jamie Lee's telephone is currently paid for by her father as she is on the family phone plan. 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 information below to record Jamie Lee's inflows and outflows of cash for a one-month period. 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 For Month Ending December 31 Monthly Expenses: $1,700 Rent obligation Food $850 Credit card payment Car insurance $320 $4,000 Utilities/electricity $125 $4,900 Utilities/water $90 $950 Utilities/cable TV $105 $210 $6,300 Gas/maintenance $145 $95 $95 $95 $75 595 $2,575 Clothing $2,015 Entertainment Cake decorating class $195 Movies with friends $40 For Month Ending December 31 Cash Inflows 25 Salary (take-home) $ 2,015 25 points Other income $ 0 Other income $ 0 Total $ 2,015 eBook Cash Outflows Print Fixed expenses References Mortgage or rent $ 320 Loan/credit card payment $ 95 Insurance $ 95 Other $ 0 Total fixed outflows $ 510 Variable expenses Food $ 210 Clothing $ 95 Electricity $ 125 Telephone $ 0 Water $ 90 Transportation Personal care 0 Electricity $ 125 Telephone $ 0 Water $ 90 Transportation Personal care $ 0 Medical expenses $ 0 Recreation/entertainment $ 170 ok Gifts $ 0 ht Donations $ 0 inces Cable $ 105 Other $ 0 Total variable outflows Total outflows Surplus (deficit) Allocation of surplus Emergency fund savings 40 Financial goal savings $ 195 Other savings 985 $ 1,495 $ 520