MTH 110 - Sample Budget

School: Southern New Hampshire University - Course: MTH 110 - Subject: Accounting

Use Google Sheets to format a budget to include the categories / items listed below. Use arithmetic functions within the spreadsheet to calculate / fill in all blank cells - DO NOT do the calculations by handthen type in the amounts; the spreadsheet will do it for you! If your actual and budgeted amounts are the same, the under/over column should show a zero balance.After you complete the spreadsheet, be sure to answer the questions at the bottom of this page! TO TURN IN: Use the 'print screen' function or 'snipping tool' to take a screenshot of your budget once it is complete. Paste your screenshot into a blank document (Google Docs or WORD). Under your screenshot, be sure to include answers to the 5 questions at the bottom of this page! Title your document as firstname.lastname.samplebudget then submit your document in the appropriate drop-box on the Tartan. (Feel free to be creative with colors, borders, fonts, etc.) Answer the following questions. Try to do the calculations to answer the questions using spreadsheet functions - not your calculator! For example, the answer to a question might be found using "=B12/B26*100" or something similar! 1)What is the difference in total expenses and the total budgeted? A $25 overage was left, after a difference of $25 between the total expenses and total budgeted 2)What % of the total expenses was spent on entertainment / recreation? Out of the $2300 total, $145 was spent on Entertainment/Recreation. Taking "(B14/B17) * 100", there would be 6.2% spent on Entertainment/Recreation. 3)What % of the net (after deductions) income was spent on groceries? By using the calculation "(B11/B5) * 100", the percentage of the net ($2315) spent on Groceries would be 13.8%. 4)It is often suggested that 10% of net income should be put in a savings account. What amount should be put in savings based on the budgeted net income amount? Is this amount realistic based on the other amounts given? EXPLAIN. 10% of the budgeted net income would by $213.10. However, with the difference between the net incomes only being $184, it would not be livable every month. 5)Assuming the given budgeted amounts remain fairly constant over the course of a year, how much more will be spent on utilities vs. groceries over the course of the year?

There is 12.4% of the income spent on Utilities. There is 13.7% spent on Groceries. There will be 1.3% more of the income spent on Groceries than Utilities every year.