Jamie lee jackson, age 24, now a busy full-time college student and part-time bakery clerk, has been trying to organuze all of her priorities, including her budget. she has been wondering if she is allocating enough money toward of her income toward savings, which includes accumulating enough money for the $9,000 down payment she needs to open her dream cupcake cafe. 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. current financial situationassets liabilities income monthly expenses savings entertainmentchecking account: $1,250 student loan: $5,400 gross monthly salary: $2,125 rent obligation: $275 regular savings: $150 cake decorating class: $35emergency fund savings: $3,100 credit card balance: $400 net monthly salary: $1,560 utilities obligation: $125 emergency savings: $25 movies with friends: $50car: $4,000food: $120 gas/maintenence: $100 credit card payment: $50 questions1. 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? 4. using exhibit 2-6, typical after-tax budget allocations for different life situations, calculate the budget allocations for jamie lee using her net monthly salary (or after-tax salary) amount. is she within the recommended parameters for a student?