Question

1. Yoko is an international graduate student. Her tuition, fees and books are paid for by scholarship fund. Her parents send he a check for $1,000 every month. She also works as a grad assistant earning $800 per month. At the end of September, she had $500 in her bank account. Her monthly expenses are $600 for room and board, $80 for gas, $60 for car insurance, $120 to eat out sometimes, cloths and personal care expenses of $200, and miscellaneous expenses for copying, supplies and the like of $50. In December, she expects to spend $400 for gifts and donations.

Prepare Yoko’s monthly cash budget for the months of October, November and December, and three-month total.

Answer 1

Yoko's Monthly cash Budget for October, November and December

	October	November	December
Opening Balance	$500	$1,190	$1,880
Reciepts
Check from parents	$1,000	$1,000	$1,000
Earning from working as assistant	$800	$800	$800
Total reciepts	$1,800	$1,800	$1,800
Payments / Expenses
Room and board	$600	$600	$600
Gas	$80	$80	$80
Car insurance	$60	$60	$60
To eat out	$120	$120	$120
Clothes and personal care	$200	$200	$200
Miscelleanous expenses	$50	$50	$50
Gift and donations			$400
Total Expense	$1,110	$1,110	$1,510
Net Reciepts (reciepts-expenses)	$690	$690	$290
Closing Balance (opening bal + net reciepts)	$1,190	$1,880	$2,170

Note : Closing balance of the current month is the opening balance of the next month.