Question

Please note that the instructions are in the first picture. Pleease be as clear and as simple as possible. I need to use it so I can do other similar exercices on my own. thank you in advance

Broadening Your Perspective 1051 All About You BYP23-6 In order to get your personal finances under control, you need to prepare a personal budget. Assume that you have compiled the following information regarding your expected cash flows for a typical month. $ 500 $210 50 Rent payment Interest income Income tax withheld Electricity bill Groceries Wages earned Insurance 300 85 100 2,500 100 Miscellaneous costs Savings Eating out Telephone and Internet costs Student loan payments Entertainment costs Transportation costs 150 125 375 250 150

Answer 1

Solution of the above problem is as under:

Personal Budget
Typical Month
Particulars	Amount ($)
Income:
Wages Earned	2500
Interest Income 401K/403B	50
Income sub-total	2550
Income Tax Withheld	-300
Spendable Income	2250
Expenses:
Rent	500
Utilities:
Electricity	85
Telephone and Internet	125
Food:
Groceries	100
Eating Out	150
Insurance	100
Transportation	150
Student Loan Payments	375
Entertainment	250
Savings	50
Miscellaneous	210
Total Investments and Expenses	2095
Surplus/(Shortage)	155