Continuing Case 15. Personal Balance Sheet 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 $10,500 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 "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 Monthly Expenses: $2,150 Rent obligation $255 $4,900 Utilities/electricity $105 $5,800 Utilities/water $65 $1,400 Utilities/cable TV $150 Food $145 $7,200 Gas/maintenance $125 $1,300 Credit card payment Car insurance $75 $75 $2,455 Clothing $75 $2,030 Entertainment: Cake decorating class $160 Movies with friends $30 $45 $80
Continuing Case 15. Personal Balance Sheet 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 $10,500 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 "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 Monthly Expenses: $2,150 Rent obligation $255 $4,900 Utilities/electricity $105 $5,800 Utilities/water $65 $1,400 Utilities/cable TV $150 Food $145 $7,200 Gas/maintenance $125 $1,300 Credit card payment Car insurance $75 $75 $2,455 Clothing $75 $2,030 Entertainment: Cake decorating class $160 Movies with friends $30 $45 $80
Chapter5: Managing Checking And Savings Accounts
Section: Chapter Questions
Problem 3FPC
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Transcribed Image Text:Continuing Case 15. Personal Balance Sheet
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 $10,500 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 "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
Monthly Expenses:
$2,150 Rent obligation
$255
$4,900 Utilities/electricity
$105
$5,800 Utilities/water
$65
$1,400 Utilities/cable TV
$150
Food
$145
$7,200 Gas/maintenance
$125
$1,300 Credit card payment
Car insurance
$75
$75
$2,455 Clothing
$75
$2,030 Entertainment:
Cake decorating class
$45
$160 Movies with friends
$80
$30
Transcribed Image Text:Assets
Liquid assets
Checking account balance
Savings/money market accounts, funds
Cash value of life insurance
Other
Total liquid assets
$
0
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