Question

2. Tran is a student living receives $385 per month in student assistance and he earns $565 per month at his part-time job. Tran pays $430 per month in rent (utilities included) and spends approximately $250 per month on groceries and $30 per month on laundry a) on his own. He Notes Income elaos mum Total Expenses Variable Expenses Fixed Expenses Create a monthly budget for Tran. What other occasional purchases b) might he need to make? Add a minimum of 3 to the monthly budget. c) Next year, Tran's student assistance will increase to $425. His rent is expected to increase by 2 % and the cost of groceries is expected to increase by 4%. Adjust Tran's budget to reflect these changes. Total Fixed Total Variable Total Expenses Balance (Income-Expenses)

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Answer 1

a: Monthly Budget

Income
Student Assistance	385
Part time job	565
TOTAL	950
Expenses
Fixed Expenses		Variable Expenses
Rent	430	Groceries	250
		Laundry	30
Total Fixed Exp	430	Total Variable Exp	280
Total Expenses	710
Balance (Income-Expenses)	240

b: Revised Budget

Income
Student Assistance	385
Part time job	565
TOTAL	950
Expenses
Fixed Expenses		Variable Expenses
Rent	430	Groceries	250
		Laundry	30
		Conveyance	50
		Telephone	20
		Entertainment	30
Total Fixed Exp	430	Total Variable Exp	380
Total Expenses	810
Balance (Income-Expenses)	140

c: Revised Budget

Income
Student Assistance	425
Part time job	565
TOTAL	990
Expenses
Fixed Expenses		Variable Expenses
Rent	438.6	Groceries	260
		Laundry	30
		Conveyance	50
		Telephone	20
		Entertainment	30
Total Fixed Exp	438.6	Total Variable Exp	390
Total Expenses	828.6
Balance (Income-Expenses)	161.4

WORKINGS

Book1- Excel X AutoSave ( Off Sign in Tell me what you want to do File Formulas Review View Help Share Home Insert Draw Page Layout Data A A General Wrap Text Calibri 11 Conditional Format as Cell Formatting BIUH Insert Delete Format Sort & Find & Paste A Merge & Center $% Filter Select Table Styles Clipboard Alignment Number Styles Cell Editing Font B1 Income A C E G D H Income 1 Student Assistance 2 425 Part time job 3 565 C3 +C2 4 TOTAL 5 Expenses Variable Expenses Fixed Expenses 6 430* 102 % 250*104% 7 Rent Groceries Laundry 8 30 9 Conveyance Telephone 50 10 20 Entertainment 11 30 12 - SUM (C7 : C10 ) Total Variable Exp SUM(E7:E11) Total Fixed Exp Total Expenses 13 -C13 + E13 14 (Income-Expenses) C4-C14 15 Balar 16 17 Sheet1 Sheet2 Sheet3 Sheet4 +1009% Ready P2 ENG 1:01 PM