Jamie Lee Jackson, age 24, a busy full-time college student and part-time bakery

Jamie Lee Jackson, age 24, a busy full-time college student and part-time bakery clerk, has been trying to organize all of her priorities, including her budget. She has been wondering if she is allocating enough of her income toward savings, which includes accumulating enough money toward the $9,000 down payment she needs to open her dream cupcake café.
Jamie Lee has been making regular deposits to both her regular and her emergency savings accounts. She would really like to sit down and get a clearer picture of how much she is spending on various expenses, including rent, utilities, and entertainment, and how her debt compares to her savings and assets. She realizes that she must stay on track and keep a detailed budget if she is to realize her dream of being self-employed after college graduation.
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Current Financial Situation
Assets: Income:
Checking account: $1,250 Gross monthly salary: $2,125
Emergency fund savings account: $3,100 Net monthly salary: $1,560
Car: $4,000
Liabilities: Monthly Expenses:
Student loan: $5,400 Rent obligation: $275
Credit card balance: $400 Utilities obligation: $125
Food: $120
Gas/Maintenance: $100
Credit card payment: $50
Savings: Entertainment:
Regular savings: $150 Cake decorating class: $35
Emergency savings: $25 Movies with friends: $50
Questions
(1) According to the text, a personal balance sheet is a statement of your net worth. It is an accounting of what you own as well as what you owe. Using the information provided, prepare a personal balance sheet for Jamie Lee.
(2) Using the “Ratios for Evaluating Financial Progress” feature earlier in the chapter, what is Jamie Lee’s debt ratio? When comparing Jamie Lee’s liabilities and her net worth, is the relationship a favorable one?
(3) Using the “Ratios for Evaluating Financial Progress” feature earlier in the chapter, what is Jamie Lee’s savings ratio? Using the rule of thumb recommended by financial experts, is she saving enough?
Answer the 3 questions on a document and upload the document. Remember you are a business student. Please answer in a sentence format and check for grammatical errors.