Complete Budgeting Assignment

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Business Finance

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Open the attachment and complete the budgeting assignment

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MAEM30S Managing Money Budget Assignment Excel Budget Assignment Total Marks: _______ /11 Create an excel budget sheet based on the following info. Use your Excel 101 activity as a guide. THE BOB STORY… Bob has trouble managing money. Bob Meets Smart Sally.  They fall in love and get married. Let’s plan a budget for them as their wedding gift. Income: Bob earns a monthly net income of $160.00 for finding earthworms. Smart Sally earns a monthly net income of $6245.00 as a nuclear physicist. Expenses: Mortgage Transportation Clothing Personal Care Student Loans Leisure Property Taxes Miscellaneous Gifts and Donations Car Insurance $1580.00 $288.00 $146.00 $62.00 $544.00 $160.00 $271.67 $188.00 $95.00 $357.00 Groceries Car Payment Health Care Household Utilities Vacations House Insurance Telecommunications Gym Membership Savings $584.00 $262.00 $63.00 $169.00 $269.00 $290.00 $426.00 $163.50 $94.50 10% Income CREATE A BUDGET SPREADSHEET Step 1: The Basics a) Type your NAME and DATE into the header. b) Create a TITLE for the assignment. For this assignment you are allowed to use any font/size you desire (but make sure it will fit). Step 2: Income a) Create a subheading titled Income. b) List all monthly net incomes. c) Calculate the total monthly net income (use formula).   MAEM30S Managing Money Budget Assignment Step 3: Expenses a) b) c) d) Create a subheading titled Expenses. List all monthly expenses. Calculate the savings expense as 10% of total income (use a formula). Calculate the total expenses (use a formula). Step 4: Final Budget a) Create a subheading titled Final Budget. b) Calculate the final budget (use a formula). * Before you begin your questions, call Mr Pearson over to check your numbers. When he approves, you will PRINT one copy. DO NOT CLOSE YOUR MICROSOFT DOCUMENT! QUESTIONS: Write your answers on the back of your printed paper. * when you make the following changes to your budget, you must do so CAREFULLY. If you make a mistake on one item, it will carry through the rest of the assignment. 1. Using your current spreadsheet: /4 a. b. c. d. What is the total income? What are the total expenses? How much is placed into savings each month? Do Bob and Sally have a surplus or a deficit? By how much? 2. Sally’s salary increases by $100 per month. They also have paid off all student loans. Make these changes to your spreadsheet. /2 a. How much do their expenses now total? b. Do Bob and Sally have a surplus or a deficit? By how much? 3. Bob and Sally’s mortgage payment increases to $1632.00. Their roof starts to leak and they need to replace it. They budget $500 per month (replace the old student loan charge with roof expense). /4 a. b. c. d. Do Bob and Sally have a surplus or a deficit? By how much? They decide to stop putting money into savings. How much will their budget be? Do you agree with them removing savings payments to create a surplus? Are there any other areas you think they should spend less on to break even, other than savings? 4. After two years, the roof is paid off, Bob’s monthly salary doubled, and their car is done. They again decide to put 10% of their income into savings. /1 a. Do Bob and Sally have a surplus or a deficit? By how much?  
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Explanation & Answer

Attached.

Q1&2

Bob and Sally's Monthly Budget
Income
Monthly $
Bob's Salary
$
Sally's Salary
$
Total Income
$
Expenses
Mortgage
$
Transport
$
Clothing
$
Personal Care
$
Student's Loans
$
Leisure
$
Property taxes
$
Miscellaneous
$
Gifts and Donations
$
Car insurance
$
Groceries
$
Car payment
$
Healthcare
$
Household
$
Utilities
$
Vaction
$
House insurance
$
Telecommunications
$
Gym membership
$
Savings (10% of Income)
Total Expenses

Total Income

$
$

Final Budget
$

Total Expenses
Surplus (Deficit)

$
$

Q3.
160.00
6,245.00
6,405.00
1,580.00
288.00
146.00
62.00
544.00
160.00
271.67
188.00
95.00
357.00
584.00
262.00
63.00
169.00
269.00
290.00
426.00
163.50
94.50
640.50
6,653.17

6,405.00

Annual Values
$
76,860.00

6,653.17 $
(248.17) $

79,838.04
(2,978.04)

Adjusted Final Budget
Total Income
$
Add: Salary Increment
$
Adjusted total Income
$
Total Expenses
$
Less: Student's Loan expense $

6,405.00
100.00
6,505.00
6,653.17
544.00

Annual Values
$
76,860.00
$
1,200.00
$
78,060.00
$
79,838.04
$
6,528.00

Adjusted Total Expense

6,109.17

$

$

73,310.04

Surplus (Deficit)

$

395.83

$

4,749.96

STUDENT'S NAME
18th September, 2018.
...


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