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Norma-Jean [14]
2 years ago
15

For this lab, you will create and fill out a personal budget representing your monthly “costs” as a student. To start, check out

the following website, which discusses how to fill out a budget.
Read through the tips provided to get some slightly more specialized budget information. We recommend taking a close look at the sample monthly budget for teens.

You’ll be making a customized budget for yourself. You can use the provided blank template on the site (“Your Monthly Budget”) to form the basis of your budget sheet, or you can create one yourself using other online templates as a starting point and inspiration. For each item in your budget, consider what it costs to fill that need in an average month.

Start with income. If you don’t have any income, that’s ok! It’s still useful to know how much you spend each month, regardless of whether you have money coming in. If you do work, have an allowance, or in any other way reliably generate some cash from month to month, be sure to note that; otherwise, create an income entry that just says “N/A” or zero.
When it comes to tracking where your money goes, being more specific is great, but for this exercise you can always bundle items into subcategories. For example, gas, water, trash, and electricity costs are all good to account for individually, but you can total them up and list them as “utilities” to save space. When deciding on the categories where you will allocate your spending, take a look at the categories on the provided template if you get stuck; they provide great examples. For instance, most of you surely spend money on “entertainment” (movies, monthly Netflix costs, etc.), and if you’re an avid reader or eat out a lot, specialized entries for those categories will make sense.
Even if you yourself don’t buy the groceries that you eat, you should have a sense of how much is spent to feed you each month—ask your parents for help, or go to the grocery store with a calculator! And don’t forget your “share” of utilities—for example, your cell phone bill, rent, electricity, cable/internet, even how much any insurance costs each month. If getting exact numbers is tricky, you can usually search online to find average costs for most of these expenses by neighborhood or zip code. If you can’t even begin to figure out how much your share of a cost is, include it anyway by noting N/A or “???” to indicate the amount is unclear.
At the very least, your budget should absolutely include categories for rent, utilities, groceries, and at least one column with discretionary/fun/charitable spending.
After you’ve identified all sources of income and figured out everything you can in terms of how much it costs to just be you each month, check out this website for more detailed instructions on what to do with a budget.
In particular, you definitely want to focus on breaking expenses into two categories: fixed and variable. Divide your items into those two categories, then sum up the values for each one. Which costs you more each month?
Write a short paragraph reflecting on this experience; in particular, examine the overall costs per month and assess the difference between your fixed and variable costs. Does this encourage you to change anything about the way you might spend money in the future?
For this assignment, submit both the spreadsheet containing your budget and your paragraph of reflection.
Business
1 answer:
nevsk [136]2 years ago
8 0

Answer:

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Explanation:

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In its​ year-end income​ statement, Black Knights Company reported cost of goods sold of​ $450,000. Changes occurred in several
torisob [31]

Answer:

The answer is $330,000

Explanation:

Cash paid to suppliers is the total amount of cash paid to its creditors.

We can find that through:

Cost of sold

Minus: Decrease in inventory

Plus: Decrease in accounts payable

=Cash paid to suppliers.

Now let's start:

Cost of sold - $450,000

Decrease in inventory - $160,000

Decrease in accounts payable- $40,000

$450,000 - $160,000 + $40,000

=$330,000

Therefore, Cash paid to suppliers is $330,000

5 0
3 years ago
Would Davidson Masonry automatically be taxed as a partnership or a corporation? Is Davidson Masonry member managed or manager m
vichka [17]

Answer: The answers are provided below.

Explanation:

In Papagos Arizona, a deteriorating bridge on a prominent public roadway needed a repair. The city posted notices seeking proposals for an artistic bridge design and reconstruction. Davidson Masonry, LLC owned and managed by Carl Davidson and his wife - Marilyn Rowe, decided to submit a bid for a decorative concrete project that incorporated artistic metalwork. They contacted Shana Lafayette, a local sculptor who specialized in large-scale metal forms, to help them design the bridge. The city selected their bridge design and awarded them the contract for a commission of $184,000. Davidson Masonry and Lafayette then entered into an agreement to work together on the bridge project. Davidson Masonry agreed to install and pay for concrete and structural work, and Lafayette agreed to install the metalwork at her expense. They agreed that overall profits would be split, with 25 percent going to Lafayette and 75 percent going to Davidson Masonry. Lafayette designed numerous metal sculptures of salmon that were incorporated into colorful decorative concrete forms designed by Rowe, while Davidson performed the structural engineering. The group worked together successfully until the project was completed. Using the information presented in the chapter, answer the above question.

1. Would Davidson Masonry automatically be taxed as a partnership or a corporation?

2. Is Davidson Masonry member managed or manager managed?

3. When Davidson Masonry and Lafayette entered an agreement to work together, what kind of special business form was created? Explain.

4. Suppose that during construction, Lafayette had entered into an agreement to rent space in a warehouse that was close to the bridge so that she could work on her sculptures near the site where they would eventually be installed. She entered into the contract without the knowledge or consent of Davidson Masonry. In this situation, would a court be likely to hold that Davidson Masonry was bound by the contract that Lafayette entered? Why or why not?

1. A limited liability company will be taxed as a partnership unless the firm declares that it wants to be taxed as a corporation. A limited liability company that has at least two members can either choose to be taxed as a partnership or as a corporation.

In this case, the parties involved haven't declared to be taxed as a corporation, therefore they'll be taxed as a partnership.

2. Most states assume that a limited liability company is manager managed unless when it's otherwise stated by the articles of the organization. However, in this case, the text said that Davidson Masonry, was owned and managed by both members and since all the members of the LLC participates in management, then Davidson Masonry was member managed.

3. The kind of special business formed is a joint venture. Masonry and Lafayette then entered into an agreement to work together on the bridge project. Davidson Masonry agreed to install and pay for concrete and structural work, and Lafayette agreed to install the metalwork at her expense. They agreed to share the profit by ratio of 75% to 25%.

Joint Venture is a kind of business that is formed when two businesses combine their resources together and meet their different skill set in order to achieve a common business objective.

4. Joint venture possesses less power to bind members underlying the venture when compared to partnership. In this scenario, Lafayette had entered into an agreement to rent space without the knowledge or the consent of Davidson Masonry.

Based on this, Davidson Masonry is bound on the contract that Lafayette enters based on the principles of joint venture as both the members will be held liable for the agreement concerning the warehouse space.

4 0
3 years ago
Ben and Carla Covington plan to buy a condominium. They will obtain a $229,000, 20-year mortgage at 5.0 percent. Their annual pr
Alla [95]

Answer:

$1,943.06

Explanation:

Monthly mortgage payment: $6.6 X $229 = $1,511.4

Monthly property taxes: $1,550/12 = $129.16

Monthly property insurance: $630/12 =$52.5

Monthly association fee: $250

Total monthly housing payment: $1,943.06

4 0
3 years ago
Read 2 more answers
Henry Crouch's law office has traditionally ordered ink refills 55 units at a time. The firm estimates that carrying cost is 40%
defon

Answer:

Its action would be optimal given an ordering cost of $28.31 per order

Explanation:

According to the given data we have the following:

economic order quantity, EOQ= 55 units

annual demand, D=235

holding cost per one unit per year, H=40%×$11=$4.4

ordering cost, S=?

In order to calculate the ordering cost we would have to use the following formula:

EOQ=√(<u>2×D×S)</u>

                (H)

Hence, S=<u>(EOQ)∧2×H</u>

                     2×D

           S=<u>(55)∧2×4.4</u>

                   2×235

          S=<u>13,310</u>

                470

          S=$28.31

Its action would be optimal given an ordering cost of $28.31 per order

4 0
3 years ago
Sandra is purchasing a home with a first mortgage loan for $548,250, which is the conforming loan limit for the area where she l
Lostsunrise [7]

Question Completion with Options:

2.5 percentage points

1.5 percentage points

3.5 percentage points

6.5 percentage points

Answer:

Sandra's creditor must determine if the APR for the loan exceeds the average prime offer rate by:

1.5 percentage points

Explanation:

The first mortgage loan principal should not exceed the conforming loan limit for the area where Sandra lives at the time that she secures the loan approval. It behooves on Sandra’s creditor to determine if the annual percentage rate (APR) for the mortgage loan exceeds the average prime offer rate (or the sample rate that is a representative of the APRs charged by creditors for mortgage loans that have low-risk pricing characteristics) by 1.5 percentage points.

7 0
3 years ago
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