Fran Powers created the following budget and reported the actual spending listed. Calculate the variance for each of these categories, and indicate whether it was a deficit or a surplus. (Input all amounts as positive values.) Item Budgeted Actual Variance Deficit/Surplus Food $ 360 $ 298 $ 62 correct surplus correct Transportation $ 320 $ 334 $ 14 correct deficit correct Housing $ 950 $ 982 $ 32 correct deficit correct Clothing $ 110 $ 134 $ 24 correct deficit correct Personal $ 275 $ 231 $ 44 correct surplus correct

Fran Powers created the following budget and reported the actual spending listed. Calculate the variance for each of these categories, and indicate whether it was a deficit or a surplus. (Input all amounts as positive values.)

Item	Budgeted		Actual		Variance	Deficit/Surplus
Food	$	360	$	298	$ 62	surplus
Transportation	$	320	$	334	$ 14	deficit
Housing	$	950	$	982	$ 32	deficit
Clothing	$	110	$	134	$ 24	deficit
Personal	$	275	$	231	$ 44	surplus

For the following situations, calculate the cash surplus or deficit: (Input all amounts as positive values.) Cash Inflows Cash Outflows Difference Surplus/Deficit $ 3,540 $ 3,238 $ 302 correct surplus correct $ 4,788 $ 4,855 $ 67 correct deficit correct $ 4,387 $ 4,198 $ 189 correct surplus correct

For the following situations, calculate the cash surplus or deficit: (Input all amounts as positive values.)

Cash Inflows		Cash Outflows		Difference	Surplus/Deficit
$	3,540	$	3,238	$ 302	surplus
$	4,788	$	4,855	$ 67	deficit
$	4,387	$	4,198	$ 189	surplus

Based on this financial data, calculate the ratios requested: (Round your answers to 4 decimal places.) Liabilities $ 9,400 Net worth $ 65,500 Liquid assets $ 7,800 Current liabilities $ 1,700 Monthly credit payments $ 800 Take-home pay $ 2,775 Monthly savings $ 290 Gross income $ 3,250 a. Debt ratio 0.1435 correct b. Current ratio 4.5882 correct c. Debt-payments ratio 0.2883 correct d. Savings ratio 0.0892 correct

Based on this financial data, calculate the ratios requested: (Round your answers to 4 decimal places.)

Liabilities	$	9,400	Net worth	$	65,500
Liquid assets	$	7,800	Current liabilities	$	1,700
Monthly credit payments	$	800	Take-home pay	$	2,775
Monthly savings	$	290	Gross income	$	3,250

a.	Debt ratio	0.1435
b.	Current ratio	4.5882
c.	Debt-payments ratio	0.2883
d.	Savings ratio	0.0892

Based on the following data, determine the amount of total assets, total liabilities, and net worth. Liquid assets $ 4,520 Investment assets $ 8,990 Current liabilities $ 2,320 Household assets $ 94,390 Long-term liabilities $ 82,730 a. Total assets $ 107,900 correct b. Total liabilities $ 85,050 correct c. Net worth $ 22,850 correct

Based on the following data, determine the amount of total assets, total liabilities, and net worth.

Liquid assets	$	4,520	Investment assets	$	8,990
Current liabilities	$	2,320	Household assets	$	94,390
Long-term liabilities	$	82,730

a.	Total assets	$ 107,900
b.	Total liabilities	$ 85,050
c.	Net worth	$ 22,850

If you borrow $15,500 with a 5 percent interest rate to be repaid in seven equal payments at the end of the next 7 years, what would be the amount of each payment? (Note: Use the present value of an annuity table in the Exhibit 1-3.) (Round your PV factor to 3 decimal places and final answer to the nearest dollar amount.) Amount per payment $ rev: 07_16_2013_QC_32729, 07_29_2013_QC_33022 Explanation: $15,500/5.786 = $2,679

If you borrow $15,500 with a 5 percent interest rate to be repaid in seven equal payments at the end of the next 7 years, what would be the amount of each payment? (Note: Use the present value of an annuity table in the Exhibit 1-3.) (Round your PV factor to 3 decimal places and final answer to the nearest dollar amount.)

  

Amount per payment

$

 rev: 07_16_2013_QC_32729, 07_29_2013_QC_33022

Explanation: $15,500/5.786 = $2,679

If a person spends $10 a week on coffee (assume $500 a year), what would be the future value of that amount over 5 years if the funds were deposited in an account earning 5 percent? Use Exhibit 1-B. (Round your FV factor to 3 decimal places and final answer to the nearest dollar amount.) Future value $ Explanation: $500 × 5.526 = $2,763 (Exhibit 1-B)

If a person spends $10 a week on coffee (assume $500 a year), what would be the future value of that amount over 5 years if the funds were deposited in an account earning 5 percent? Use Exhibit 1-B. (Round your FV factor to 3 decimal places and final answer to the nearest dollar amount.)

  

Future value

$

 

Explanation:

$500 × 5.526 = $2,763 (Exhibit 1-B)

If you desire to have $23,000 for a down payment for a house in six years, what amount would you need to deposit today? Assume that your money will earn 3 percent. Use Exhibit 1-C. (Round your PV factor to 3 decimal places and final answer to the nearest dollar amount.) Deposit $ Explanation: $23,000 × 0.837 = $19,251 (Exhibit 1-C)

If you desire to have $23,000 for a down payment for a house in six years, what amount would you need to deposit today? Assume that your money will earn 3 percent. Use Exhibit 1-C. (Round your PV factor to 3 decimal places and final answer to the nearest dollar amount.)

  

Deposit

$

Explanation: $23,000 × 0.837 = $19,251 (Exhibit 1-C)