Question accounting

Question

The expenses and income of an individual are given in table form to the right. Find the net monthly cash flow​ (it may be negative or​ positive). Assume that amounts shown for salaries and wages are after taxes and that1 month=4 weeks. Income Expenses
​Salary: $29,300/year House​ payments: $1020/month
Pottery​ Sales: $194/month ​Groceries: $100/week
Household​ expenses: $110/month
Health​ insurance:​$460​/month
Car​ insurance:​$420

twice a year

Savings​ plan: $45/month
​Donations: $550/year
​Miscellaneous: $590/month

The net monthly cash flow is

​$nothing.

Expert Answer

 

The net monthly cash flow is computed as shown below:

= Salary + Pottery sales – House payments – groceries – household expense – health insurance – car insurance – savings plan – donations – miscellaneous

= $ 29,300 / 12 + 194 – $ 1,020 – $ 100 x 4 – $ 110 – $ 460 – $ 420 / 6 – $ 45 – $ 550 / 12 – $ 590

= $ 2,441.666667 + $ 194 – $ 1,020 – $ 400 – $ 110 – $ 460 – $ 70 – $ 45 – $ 45.8333333 – $ 590

= – $ 105.17

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