At the beginning of the 2016 school year, Katherine Malloy decided to prepare a cash budget for
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Question:
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Cash balance, September 1 (from a summer job) . . . . . . . . . . . . . . . . . $5,750n
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Purchase season football tickets in September . . . . . . . . . . . . . . . . . . . 210n
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Additional entertainment for each month . . . . . . . . . . . . . . . . . . . .. . . . 275n
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Pay fall semester tuition in September . . . . . . . . . . . . . . . . . . . . . .. . . . . . 3,700n
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Pay rent at the beginning of each month . . . . . . . . . . . . . . . . . . . . .. . . . 600n
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Pay for food each month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235n
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Pay apartment deposit on September 2 (to be returned December 15) . . . 500n
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Part-time job earnings each month (net of taxes) . . . . . . . . . . . . . . . . . . 1,400n
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a. Prepare a cash budget for September, October, November, and December.n
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b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets?n
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c. What are the budget implications for Katherine Malloy?
Related Book For
Accounting
ISBN: 978-1285743615
26th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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