How Do I Budget? All of Sharon’s friends know who to turn to if they have money questions. Sharon attributes her financial savvy to the summer jobs she has held over the past four years. These jobs helped her save a few thousand dollars for college to minimize her student loans. Her friend, Alana, approaches her the summer before their Senior year of high school, confessing she has a whopping $56.47 saved for college even after working part-time jobs for the past three years! Alana asks Sharon what she could do to manage her money more effectively. Sharon’s answer is one word - budget.

Sharon asks Alana to describe her goals and current spending habits. Alana responds in the following way:

“College costs a lot more than I thought, and my parents expect me to pay for my living expenses on campus. Those are going to be around $3,000 per year! I am used to working a part-time job and going to school, but I'm not sure I can handle both anymore. Budgeting seems like a great idea, but where do I start?”

Answer This:
Alana only has $56.47 saved for college. Brainstorm possible reasons why she has only managed to save this amount.

What do you think Alana’s goals should be?

What are a few ways that Alana can get a better understanding of her spending patterns?

Georgia orchards produced a good crop of peaches this year. after preparing the following income statement, the company is concerned about the net loss on its no. 3 peaches. georgia orchards income statement for year ended december 31, 2017 no. 1 no. 2 no. 3 combined sales (by grade) no. 1: 300,000 ibs. @ $1.50/lb $ 450,000 no. 2: 300,000 ibs. @ $1.00/lb $ 300,000 no. 3: 750,000 ibs. @ $0.25/lb $ 187,500 total sales $ 937,500 costs tree pruning and care @ $0.30/ib 90,000 90,000 225,000 405,000 picking, sorting, and grading @ $0.15/ib 45,000 45,000 112,500 202,500 delivery costs 15,000 15,000 37,500 67,500 total costs 150,000 150,000 375,000 675,000 net income (loss) $ 300,000 $ 150,000 $ (187,500 ) $ 262,500 in preparing this statement, the company allocated joint costs among the grades on a physical basis as an equal amount per pound. the company’s delivery cost records show that $30,000 of the $67,500 relates to crating the no. 1 and no. 2 peaches and hauling them to the buyer. the remaining $37,500 of delivery costs is for crating the no. 3 peaches and hauling them to the cannery. required: 1. prepare reports showing cost allocations on a sales value basis to the three grades of peaches. separate the delivery costs into the amounts directly identifiable with each grade. then allocate any shared delivery costs on the basis of the relative sales value of each grade. (do not round intermediate calculations.)