Answer :
Let's go through the detailed step-by-step solution to determine the correct balance sheet that represents the engineer's income, expenses, and balance.
### Step 1: Calculate Total Monthly Income
The engineer's bi-weekly net pay is \[tex]$2,104.95. Since there are approximately 2 bi-weeks in a month: \[ \text{Monthly Income} = 2 \times \text{Bi-weekly Income} = 2 \times 2,104.95 = 4,209.90 \] ### Step 2: Calculate Monthly Expenses for Each Category We will use the given percentages to calculate the monthly expense amounts based on the monthly income: #### Housing (30%) \[ \text{Housing} = 0.30 \times 4,209.90 = 1,262.97 \] #### Food/Household (20%) \[ \text{Food/Household} = 0.20 \times 4,209.90 = 841.98 \] #### Savings (5%) \[ \text{Savings} = 0.05 \times 4,209.90 = 210.50 \] #### Transportation (10%) \[ \text{Transportation} = 0.10 \times 4,209.90 = 420.99 \] #### Debt (10%) \[ \text{Debt} = 0.10 \times 4,209.90 = 420.99 \] #### Entertainment (5%) \[ \text{Entertainment} = 0.05 \times 4,209.90 = 210.50 \] #### Medical/Personal Care (3%) \[ \text{Medical/Personal Care} = 0.03 \times 4,209.90 = 126.30 \] #### Giving (5%) \[ \text{Giving} = 0.05 \times 4,209.90 = 210.50 \] #### Clothing (2%) \[ \text{Clothing} = 0.02 \times 4,209.90 = 84.20 \] #### Miscellaneous (10%) \[ \text{Miscellaneous} = 0.10 \times 4,209.90 = 420.99 \] ### Step 3: Summarize Income and Expenses The monthly income and expenses then are: #### Total Monthly Income \[ \text{Total Monthly Income} = 4,209.90 \] #### Expenses - Housing: 1,262.97 - Food/Household: 841.98 - Savings: 210.50 - Transportation: 420.99 - Debt: 420.99 - Entertainment: 210.50 - Medical/Personal Care: 126.30 - Giving: 210.50 - Clothing: 84.20 - Miscellaneous: 420.99 By comparing these results with the given options, the correct balance sheet should reflect these figures accurately. ### Verification with the Provided Table: We can check the given table snippet against our calculations. The provided values in the table should match or be calculated based on the accurate monthly income. Given table values: - Bi-weekly income: \$[/tex]2,104.95 (correct)
- Total Monthly Income: \[tex]$4,560.73 (incorrect, should be \$[/tex]4,209.90)
- Housing (30%): \[tex]$1,368.22 (incorrect, should be \$[/tex]1,262.97)
- Food/Household (20%): \[tex]$912.15 (incorrect, should be \$[/tex]841.98)
The discrepancies indicate that the provided balance sheet has errors. The actual balance sheet based on precise calculations should be:
#### Total Monthly Income
[tex]\[ \text{Total Monthly Income} = \, \$4,209.90 \][/tex]
#### Expenses
[tex]\[ \begin{array}{|c|c|c|} \hline \text{Category} & \text{Percent} & \text{Amount} \\ \hline \text{Housing} & 30\% & \$1,262.97 \\ \hline \text{Food/Household} & 20\% & \$841.98 \\ \hline \text{Savings} & 5\% & \$210.50 \\ \hline \text{Transportation} & 10\% & \$420.99 \\ \hline \text{Debt} & 10\% & \$420.99 \\ \hline \text{Entertainment} & 5\% & \$210.50 \\ \hline \text{Medical/Personal Care} & 3\% & \$126.30 \\ \hline \text{Giving} & 5\% & \$210.50 \\ \hline \text{Clothing} & 2\% & \$84.20 \\ \hline \text{Miscellaneous} & 10\% & \$420.99 \\ \hline \end{array} \][/tex]
### Step 1: Calculate Total Monthly Income
The engineer's bi-weekly net pay is \[tex]$2,104.95. Since there are approximately 2 bi-weeks in a month: \[ \text{Monthly Income} = 2 \times \text{Bi-weekly Income} = 2 \times 2,104.95 = 4,209.90 \] ### Step 2: Calculate Monthly Expenses for Each Category We will use the given percentages to calculate the monthly expense amounts based on the monthly income: #### Housing (30%) \[ \text{Housing} = 0.30 \times 4,209.90 = 1,262.97 \] #### Food/Household (20%) \[ \text{Food/Household} = 0.20 \times 4,209.90 = 841.98 \] #### Savings (5%) \[ \text{Savings} = 0.05 \times 4,209.90 = 210.50 \] #### Transportation (10%) \[ \text{Transportation} = 0.10 \times 4,209.90 = 420.99 \] #### Debt (10%) \[ \text{Debt} = 0.10 \times 4,209.90 = 420.99 \] #### Entertainment (5%) \[ \text{Entertainment} = 0.05 \times 4,209.90 = 210.50 \] #### Medical/Personal Care (3%) \[ \text{Medical/Personal Care} = 0.03 \times 4,209.90 = 126.30 \] #### Giving (5%) \[ \text{Giving} = 0.05 \times 4,209.90 = 210.50 \] #### Clothing (2%) \[ \text{Clothing} = 0.02 \times 4,209.90 = 84.20 \] #### Miscellaneous (10%) \[ \text{Miscellaneous} = 0.10 \times 4,209.90 = 420.99 \] ### Step 3: Summarize Income and Expenses The monthly income and expenses then are: #### Total Monthly Income \[ \text{Total Monthly Income} = 4,209.90 \] #### Expenses - Housing: 1,262.97 - Food/Household: 841.98 - Savings: 210.50 - Transportation: 420.99 - Debt: 420.99 - Entertainment: 210.50 - Medical/Personal Care: 126.30 - Giving: 210.50 - Clothing: 84.20 - Miscellaneous: 420.99 By comparing these results with the given options, the correct balance sheet should reflect these figures accurately. ### Verification with the Provided Table: We can check the given table snippet against our calculations. The provided values in the table should match or be calculated based on the accurate monthly income. Given table values: - Bi-weekly income: \$[/tex]2,104.95 (correct)
- Total Monthly Income: \[tex]$4,560.73 (incorrect, should be \$[/tex]4,209.90)
- Housing (30%): \[tex]$1,368.22 (incorrect, should be \$[/tex]1,262.97)
- Food/Household (20%): \[tex]$912.15 (incorrect, should be \$[/tex]841.98)
The discrepancies indicate that the provided balance sheet has errors. The actual balance sheet based on precise calculations should be:
#### Total Monthly Income
[tex]\[ \text{Total Monthly Income} = \, \$4,209.90 \][/tex]
#### Expenses
[tex]\[ \begin{array}{|c|c|c|} \hline \text{Category} & \text{Percent} & \text{Amount} \\ \hline \text{Housing} & 30\% & \$1,262.97 \\ \hline \text{Food/Household} & 20\% & \$841.98 \\ \hline \text{Savings} & 5\% & \$210.50 \\ \hline \text{Transportation} & 10\% & \$420.99 \\ \hline \text{Debt} & 10\% & \$420.99 \\ \hline \text{Entertainment} & 5\% & \$210.50 \\ \hline \text{Medical/Personal Care} & 3\% & \$126.30 \\ \hline \text{Giving} & 5\% & \$210.50 \\ \hline \text{Clothing} & 2\% & \$84.20 \\ \hline \text{Miscellaneous} & 10\% & \$420.99 \\ \hline \end{array} \][/tex]
