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: $8,370 Cash balance, September 1 (from a summer job) Purchase season football tickets in September Additional entertainment for each month Pay fall semester tuition in September 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) Estimated cash receipts from: Total cash receipts Less estimated cash payments for: September October November 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 Cash Budget For the Four Months Ending December 31 000 $ 110 0 290 4,500 410 230 600 1,040 December

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 olan 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: b. Are the four monthiy budgets that are presented prepared as static budgets or fiexible budgets? c. What are the budget implications for Craig Kovar? b. Are the four monthly budgets that are presented prepared as static bdgets or fexible budgets? c. What are the budget implications for Craig Kovar? Craig can see that his present plan sufficient cash. If Craig did not budget but went ahead with the original plan, he would be s at the end of December, whth no time lert to adjust