110 Personal Budget At the beginning of the school year, Craig Kovar decided to prepare a cash budget for the months of September October, November, and December The budget must plan for enough cash on December 31 to pay the spring semester tuition, which is the same as the fall tuition. The following Information relates to the budget: Cash balance, September 1 (from a summer job) $8,170 Purchase season football tickets in September Additional entertainment for each month Pay fall semester tuition in September 4,400 Pay rent at the beginning of each month Pay for food each month Pay apartment deposit on September 2 (to be returned December 15) Part-time job earnings each month (net of taxes) 280 390 220 600 1,010 a. Prepare a cash budget for September October, November, and December. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments. Craig Kovar 2. Prepare a cash budget for September October November, and December. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments. Craig Kovar Cash Budget For the Four Months Ending December 31 September October November December Estimated cash receipts from: Part-time job Deposit Total cash receipts Less estimated cash payments for: Season football tickets Additional entertainment Tuition Rent 38 8 Food O O 000 [ 00 Deposit Total cash payments Cash increase (decrease) Plus cash balance at beginning of month Cash balance at end of month Hexible Budget for Selling and Administrative Expenses for a Service Company Digital Solutions Inc uses flexible budgets that are based on the following data: Sales commissions 15% of sales Advertising expense 20% of sales Miscellaneous administrative expense $5,500 per month plus 12% of sales Office salaries expense $28,000 per month Customer support expenses $13,000 per month plus 20% of sales Research and development expense $32,000 per month Prepare a flexible selling and administrative expenses budget for October for sales volumes of $400,000, $500,000, and $600,000. (Use Exhibit as a model.) Digital Solutions Inc. Flexible Selling and Administrative Expenses Budget For the Month Ending October 31 Total sales $400,000 $500,000 $600,000