20 21 THIS IS ALL ONE QUESTION! Thank you!

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) $10,500 Purchase season football tickets in September 160 Additional entertainment for each month Pay fall semester tuition in September 5,500 Pay rent at the beginning of each month Pay for food each month 550 Pay apartment deposit on September 2 (to be returned December 15) Part-time job earnings each month (net of taxes) 1,200 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. 250 600 600 Open spreadsheet a. Prepare a cash budget for September, October, November, and December. Enter all amounts as positive values except cash decrease which should be indicated with a minus sign. Craig Kovar Cash Budget For the Four Months Ending December 31 September October November December Estimated cash receipts from: Total cash receipts Less estimated cash payments for: OTTOTII I 1 ml I l II, I 01 Total cash payments Cash increase (decrease) Cash balance at end of month b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets? C. What are the budget implications for Craig Kovar? Craig can see that his present plan but went ahead with the original plan, he would be $ of December, with no time left to adjust. sufficient cash. If Craig did not budget at the end Digital Solutions Inc. uses flexible budgets that are based on the following data: Sales commissions 9% of sales Advertising expense 17% of sales Miscellaneous administrative expense $10,500 per month plus 5% of sales Office salaries expense $55,000 per month Customer support expenses $22,000 per month plus 30% of sales Research and development expense $74,000 per month This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet Prepare a flexible selling and administrative expenses budget for October for sales volumes of $600,000, $800,000, and $1,200,000. (Use Exhibit 5 as a model.) Enter all amounts as positive numbers. Digital Solutions Inc. Flexible Selling and Administrative Expenses Budget For the Month Ending October 31 $600,000 $800,000 Total sales $1,200,000 Variable cost: Total variable cost $ Fixed cost: $ $ Total fixed cost $ $ Total selling and administrative expenses $