Dharka is a 22 year-old single male who is attending community college in a city that is 100 km from his parents' home. Dharka received an OSAP loan of $6800 to attend college and his parents give him an allowance of $100 per week while he is attending school. Dharka works in the summer to earn money to help pay for his education. Last summer Dharka saved $3250 from his summer job. His tuition fees are $3000 for the school year and his residence/dining hall fees are $5200. Books and other supplies cost $950. Dharka can walk to all classes, the library and to the dining hall from his residence building. Dharka is a very conscientious student who works in the campus library most evenings and on weekends. However, Dharka misses his mother's traditional cooking and his younger brothers and sisters so Dharka tries to go home for one weekend each month. The return bus ticket costs him $38.00 (student rate). Dharka has an aunt and uncle who live just outside of the city where he goes to school. He visits them at least once a week to share a meal and to get his laundry done at the same time. Dharka must take a cab to visit these relatives since the city bus does not travel there. The taxi ride there and back costs $17.00. Dharka is also an active member of the Environmental Team at his college. He donates $10 each week to help to publicize ways that students can help the environment while they are at the college. Dharka is a real music fan and he likes to purchase traditional music from his parents' homeland whenever he finds CDs on sale so he tries to budget some money each week to build his music collection. Highlight important information you can use to create a budget. Use the Budget Template to fill in appropriate dollar amounts. Estimate other income and expenses that could be assumed from this case study.
Dharka is a 22 year-old single male who is attending community college in a city that is 100 km from his parents' home. Dharka received an OSAP loan of $6800 to attend college and his parents give him an allowance of $100 per week while he is attending school. Dharka works in the summer to earn money to help pay for his education. Last summer Dharka saved $3250 from his summer job. His tuition fees are $3000 for the school year and his residence/dining hall fees are $5200. Books and other supplies cost $950. Dharka can walk to all classes, the library and to the dining hall from his residence building. Dharka is a very conscientious student who works in the campus library most evenings and on weekends. However, Dharka misses his mother's traditional cooking and his younger brothers and sisters so Dharka tries to go home for one weekend each month. The return bus ticket costs him $38.00 (student rate). Dharka has an aunt and uncle who live just outside of the city where he goes to school. He visits them at least once a week to share a meal and to get his laundry done at the same time. Dharka must take a cab to visit these relatives since the city bus does not travel there. The taxi ride there and back costs $17.00. Dharka is also an active member of the Environmental Team at his college. He donates $10 each week to help to publicize ways that students can help the environment while they are at the college. Dharka is a real music fan and he likes to purchase traditional music from his parents' homeland whenever he finds CDs on sale so he tries to budget some money each week to build his music collection. Highlight important information you can use to create a budget. Use the Budget Template to fill in appropriate dollar amounts. Estimate other income and expenses that could be assumed from this case study.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Income
Profile
Adjusted Budget
Employment Income
Interest/Dividends
Other
TOTAL INCOME
Essential Expenses
Mortgage/Rent
Utilities
Telephone
Groceries
Child Care
Pet Care
Clothing
Transportation
Gas/Fuel
Insurance
Health club dues
Life Insurance
Medicine
Veterinarian
Savings
Non-Essential Expenses
Entertainment
Dining Out
Vacation
Subscriptions
Other
TOTAL Expenses
Surplus/Shortage
Transcribed Image Text:Read the case study below:
Dharka is a 22 year-old single male who is attending community college in a city that
is 100 km from his parents' home.
Dharka received an OSAP loan of $6800 to attend college and his parents give him
an allowance of $100 per week while he is attending school. Dharka works in the
summer to earn money to help pay for his education. Last summer Dharka saved
$3250 from his summer job. His tuition fees are $3000 for the school year and his
residence/dining hall fees are $5200. Books and other supplies cost $950.
Dharka can walk to all classes, the library and to the dining hall from his residence
building.
Dharka is a very conscientious student who works in the campus library most
evenings and on weekends. However, Dharka misses his mother's traditional
cooking and his younger brothers and sisters so Dharka tries to go home for one
weekend each month. The return bus ticket costs him $38.00 (student rate). Dharka
has an aunt and uncle who live just outside of the city where he goes to school. He
visits them at least once a week to share a meal and to get his laundry done at the
same time. Dharka must take a cab to visit these relatives since the city bus does
not travel there. The taxi ride there and back costs $17.00.
Dharka is also an active member of the Environmental Team at his college. He
donates $10 each week to help to publicize ways that students can help the
environment while they are at the college. Dharka is a real music fan and he likes to
purchase traditional music from his parents' homeland whenever he finds CDs on
sale so he tries to budget some money each week to build his music collection.
Highlight important information you can use to create a budget.
Use the Budget Template to fill in appropriate dollar amounts.
Estimate other income and expenses that could be assumed from this case study.
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