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Steven is trying to save for a new car. What does he need to create to help him decide how much of his income needs to be used for expenses and how much he can save?
Wiki User
∙ 7y ago
He needs to set up a written budget.
Wiki User
∙ 7y ago
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What does he need to create to help him decide how much of his income needs to be used for expenses and how much he can save?
budget
What can you use to help decide how much of my income needs to be used for expenses and how much i can save?
Budget
What is a plan of income and expenses?
A plan of income and expenses is an approach to building income and paying down expenses. Many people maintain a plan for their income and expenses without realizing it.
What is a budget calculator used for?
A budget calculator is used for people to create a budget for themselves. All income is accounted for and then all expenses are taken from the income.
How to prepare a income statement?
Sales - cost of goods sold = gross profit. - operating expenses(i.e marketing expenses and administrative expenses) = operating income. + other income - other expenses = income before tax - tax = net income/profit.
Where does travel go on income statement?
Travel expenses are expenses as all other normal business expenses and as all other business expenses are part of income statement traveling expenses are also part of income statement.
How is a budget is made?
Figure out your income,List your expenses,Categorize your expenses,Determine if expenses are below income, and Reduce expenses in flexible categoris if nessecary.
A budget is used to do which of the following?
Plan income and expenses.
Is audit prepaid expenses entry come in income statement?
Prepaid expenses are not part of income statements, in accrual accounting income and expenses are only shown in income statements when they are actually incurred.
Does Sales promotion expenses come in income statement?
All expenses comes in income statements same as sales promotion expenses are also shown in income statement.
How is a budget made in steps?
Figure out your income,List your expenses,Categorize your expenses,Determine if expenses are below income, and Reduce expenses in flexible categoris if nessecary.
How does the contribution margin income statement differ from the income statement used in financial reporting?
Income statement in financial reporting is different in this sense that in that income statement all expenses and incomes are shown as incomes and expenses and there is no classification of fixed expenses or variable expense while in contribution margin income statement expenses are shown in this way that separate the fixed expenses from variable portion of expenses.
