Let's first organize Kyle's spreadsheet more efficiently by categorizing transactions and ensuring consistency in the spreadsheet. Here are a few suggestions:
1. Consistent Naming: Use consistent and clear naming for repeated transactions.
2. Separate Incomes and Expenses: Use separate columns or categories for incomes and expenses to easily differentiate between them.
Now, let's look at the summarized transactions and calculate the resulting balance in a methodical manner.
### Step-by-Step Calculation:
1. Initial Balance:
- Beginning balance: \$626.88
2. Expenses:
- Rent (first month): -\$335.13
- Groceries: -\$77.05
- Textbooks: -\$96.33
- Insurance (first month): -\$56.25
- Clothes: -\$62.54
- Rent (second month): -\$335.13
- Electric bill: -\$77.39
- Party: -\$113.48
- Insurance (second month): -\$56.25
3. Incomes:
- Paycheck (first month): \$202.44
- Tax refund: \$103.72
- Garage sale: \$42.67
- Paycheck (second month): \$215.15
4. Calculate Total Expenses:
- Total Expenses = -\[tex]$335.13 + -\$[/tex]77.05 + -\[tex]$96.33 + -\$[/tex]56.25 + -\[tex]$62.54 + -\$[/tex]335.13 + -\[tex]$77.39 + -\$[/tex]113.48 + -\$56.25
- Total Expenses = -\$1209.55
5. Calculate Total Incomes:
- Total Incomes = \[tex]$202.44 + \$[/tex]103.72 + \[tex]$42.67 + \$[/tex]215.15
- Total Incomes = \$563.98
6. Net Change in Balance:
- Net Change = Total Incomes + Total Expenses
- Net Change = \[tex]$563.98 - \$[/tex]1209.55
- Net Change = -\$645.57
7. Final Balance:
- Final Balance = Beginning Balance + Net Change
- Final Balance = \[tex]$626.88 - \$[/tex]645.57
- Final Balance = -\$18.69 (rounded to two decimal places)
##### Final Answer:
Kyle's balance, after accounting for all the transactions over the two months, is -\$18.69.
For better organization:
- Use distinct names for repeated transactions (e.g., Rent1, Rent2; Insurance1, Insurance2).
- Separate incomes and expenses into different columns or at least group them.
- Make use of categories if possible, such as "Housing," "Utilities," "Income," etc., for easier tracking and analysis.
These changes will help Kyle track his finances more effectively and clearly see where his money is going each month.
