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3 years ago

What should you plan for first when creating a budget

Business

1 answer:

alexira [117]3 years ago

4 0

Answer:

CALCULATE EXPENSES

Your first order of business is finding out exactly how much you’re spending each month. Do this by consulting your bank statements, receipts and financial files. Because some expenses are intermittent, such as insurance payments, you’ll get the most accurate financial picture if you calculate an average for six months to a year. Add up everything you spent for the last six to 12 months and then divide by the amount of months, which will give you your average monthly expenses.

Remember that being thorough when you add up expenses is important in creating a realistic budget. A forgotten bill really throws a wrench into your savings plan. When calculating your expenses, also factor in unexpected bills, such as unplanned car repairs. A good rule of thumb is to add an extra 10 percent to 15 percent. So if you’ve determined that you spend $1,500 a month, add $150 to $225.

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A leftward shift in the supply curve for a good may be caused by any of the following except A. consumer expectation of an incre

nydimaria [60]

Answer: A. consumer expectation of an increase in their future income.

Explanation:

The supply curve is simply a graph that shows the relationship that is between the price of a particular good and the amount of quantity that is supplied.

A leftward shift in the supply curve for a good simply means that less of that good is supplied. All tye options will cause less of the goods to be supplied except consumer expectation of an increase in their future income.

3 0

4 years ago

Read 2 more answers

Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common

monitta

Answer:

See the journal entries below.

Explanation:

Each of these transactions can be recorded in the journal as follows:

Date Particulars Debit ($) Credit ($)

Mar 1 Cash (50,000 * $47) 2,350,000

Common stock 50,000

Additional Paid-in Capital 2,300,000

(To record Issue of 50,000 additional shares for $47 per share.)

May 10 Treasury stock (4,500 * $50) 225,000

Cash 225,000

(To record Purchase of 4,500 shares of treasury stock)

Jun 1 Dividend (w.1) 181,875

Dividend payable 181,875

(Record dividend declared.)

Jul 1 Dividend payable 181,875

Cash 181,875

(Record dividend paid.)

Oct 21 Cash (2,250 * $55) 123,750

Treasury stock (2,250 * $50) 112,500

Additional Paid-in Capital 11,250

(To record resale of shares of treasury stock.)

Working:

w.1. Dividend = Dividend per share * (Shares of common stock outstanding as of the beginning of 2018 + Additional shares issued on March 1 - Shares of treasury stock purchased on May 10) = $1.25 * (100,000 + 50,000 - 4,500) = $181,875

4 0

3 years ago

what budget is a type of financial report that scrutinizes the inflow of money in a given financial year?

earnstyle [38]

That is known as a cash flow statement.

6 0

4 years ago

What is reconciling your bank statement?

levacccp [35]

Reveiwing the income and expenses and comparing from what you say you have to what the bank says you have.

8 0

3 years ago

Norwood Appliance produces washers and dryers in an assembly-line process. Labor costs incurred during a recent period were: cor

AnnyKZ [126]

Answer:

Total direct labor cost= $80,000

Explanation:

Giving the following information:

Labor costs incurred during a recent period were:

corporate executives, $100,000

assembly-line workers, $80,000

security guards, $18,000

plant supervisor, $30,000

A labor cost is categorized as direct labor when it can be directly traced to the product line, meaning to a specific product.

In this case, the only direct labor cost is the assembly-line workers.

The security guards and plant supervisors are indirect labor, categorized in manufacturing overhead costs.

Total direct labor cost= 80,000

3 0

3 years ago