QDonna and Sherman Terrel are preparing a budget for 2010. Donna is a systems analyst with an airplane manufacturer, and Sherman is working on a master's degree in educational psychology. The Terrels do not have any children or other dependents. Donna estimates her salary will be about $45,600 in 2010; Sherman expects to work only during the summer months, doing painting and remodeling work for a building contractor. He anticipates an income from those activities of $3000 a month in June, July, and August. Sherman does have a scholarship that pays his tuition and also provides $3,600 a year of which $2400 is payable in February and $1200 is payable in October. The Terrels don't expect to have any other income in 2010.Donna and Sherman have listed their expected total expenses in 2010 as follows:Housing (rent) $8,640 Transportation 6,000 Food (includes dining out) 9,000 Utilities 3,000 Payroll taxes: Donna 13,200 Sherman 1,500 Insurance: Life - payable in May 720 Auto - payable in January 1,800 Leisure and entertainment: Vacation in May 2,100 Clothing 1,800 Others $3,900 Total Expenses $51,640 The Terrels will begin 2010 with about $1,000 in liquid assets, and they prefer not to draw this balance below $600 at any time during the year.1.Prepare a monthly income and expense plan for the Terrels in 2010 (be sure to do the readings for the week prior to creating this plan). Also, total the income and expenses to determine their financial standing at the end of each month.2.On the basis of the plan you have just prepared, discuss the Terrels expected financial situation in 2010. Explain if you foresee any difficulties, and suggest alternatives to correct them.3.During the quarter break in April, Sherman's employer landed a major remodeling project and asked for Sherman's help. Sherman agreed, and he expects to earn $1,500 from the job before taxes but probably won't receive a check until early June. Discuss how this unexpected event might affect the Terrels' activities and their budget for the balance of 2010. It is not necessary to prepare a revised monthly income and expense plan but do refer to specific accounts and amounts (make appropriate assumptions) in your discussion.

QDonna and Sherman Terrel are preparing a budget for 2010. Donna is a systems analyst with an airplane manufacturer, and Sherman is working on a master's degree in educational psychology. The Terrels do not have any children or other dependents. Donna estimates her salary will be about $45,600 in 2010; Sherman expects to work only during the summer months, doing painting and remodeling work for a building contractor. He anticipates an income from those activities of $3000 a month in June, July, and August. Sherman does have a scholarship that pays his tuition and also provides $3,600 a year of which $2400 is payable in February and $1200 is payable in October. The Terrels don't expect to have any other income in 2010.Donna and Sherman have listed their expected total expenses in 2010 as follows:Housing (rent) $8,640 Transportation 6,000 Food (includes dining out) 8,100 Utilities 3,000 Payroll taxes: Donna 13,200 Sherman 1,500 Insurance: Life - payable in May 720 Auto - payable in January 1,800 Leisure and entertainment: Vacation in May 1,800 Clothing 1,800 Others $3,900 Total Expenses $50,460 The Terrels will begin 2010 with about $1,000 in liquid assets, and they prefer not to draw this balance below $600 at any time during the year.Prepare a monthly income and expense plan for the Terrels in 2010. On the basis of the plan you have just prepared, discuss the Terrels expected financial situation in 2010. Explain if you foresee any difficulties. During the quarter break in April, Sherman's employer landed a major remodeling project and asked for Sherman's help. Sherman agreed, and he expects to earn $1,500 from the job before taxes but probably won't receive a check until early June. Discuss how this unexpected event might affect the Terrels' activities and their budget for the balance of 2010. It is not necessary to prepare a revised monthly income and expense plan but do refer to specific accounts and amounts (make appropriate assumptions) in your discussion.

QPrepare a monthly income and expense plan for 2010.I am preparing a budget for 2010. I am a systems analyst with an airplane manufacturer, and my husband Cody is working on a master's degree in educational psychology. I estimate my salary will be about $45,600 this year; Cody expects to work only during the summer months, doing painting and remodeling work for a building contractor. He anticipates an income from those activities of $3000 a month in June, July, and August. He does have a scholarship that pays his tuition and also provides $3,600 a year of which $2400 is payable in February and $1200 is payable in October. We don't expect to have any other income in 2010.Housing (rent)$8,640/12= $720/monthTransportation6,000/12= $500/monthFood (includes dining out)9,000/12= $750/monthUtilities 3,000/12= $250/monthPayroll taxes:Donna13,200/12= $1100/monthSherman1,500/3= $500/monthInsurance:Life - payable in May720Auto - payable in January1,800Leisure and entertainment:Vacation in May2,100Clothing1,800/12= $150Others$3,900/12= $325Total Expenses$51,640We will begin 2010 with about $1,000 in liquid assets, and they prefer not to draw this balance below $600 at any time during the year.Lol..Nevermind people!Especially YOU!..Yes YOU! Who stated "I already have my degree".Well good for you.=] But I wasn't trying to cheat, I just wanted help on how to go about making the plan, and I did and It's great.Lol..Nevermind people!Especially YOU!..Yes YOU! Who stated "I already have my degree".Well good for you.=] But I wasn't trying to cheat, I just wanted help on how to go about making the plan, and I did and It's great.Lol..Nevermind people!Especially YOU!..Yes YOU! Who stated "I already have my degree".Well good for you.=] But I wasn't trying to cheat, I just wanted help on how to go about making the plan, and I did and It's great.

QPrepare a monthly income and expense plan for 2010.I am preparing a budget for 2010. I am a systems analyst with an airplane manufacturer, and my husband Cody is working on a master's degree in educational psychology. I estimate my salary will be about $45,600 this year; Cody expects to work only during the summer months, doing painting and remodeling work for a building contractor. He anticipates an income from those activities of $3000 a month in June, July, and August. He does have a scholarship that pays his tuition and also provides $3,600 a year of which $2400 is payable in February and $1200 is payable in October. We don't expect to have any other income in 2010.Housing (rent)$8,640/12= $720/monthTransportation6,000/12= $500/monthFood (includes dining out)9,000/12= $750/monthUtilities 3,000/12= $250/monthPayroll taxes:Donna13,200/12= $1100/monthSherman1,500/3= $500/monthInsurance:Life - payable in May720Auto - payable in January1,800Leisure and entertainment:Vacation in May2,100Clothing1,800/12= $150Others$3,900/12= $325Total Expenses$51,640We will begin 2010 with about $1,000 in liquid assets, and they prefer not to draw this balance below $600 at any time during the year.