Case 10.63 a1

In this chapter, you learned about the benefits of budgeting for a business. It is also important for individuals, especially students. Jo is an accounting major. Jos estimate of expenses for the next eight-month academic year (September to May) are given in the chart below. Jo receives $750 per month from family members, Annually, Jo gets a total of $700 from a part-time job and $1,200 from a bursary.

Tuition and fees		$6,200		Books and supplies		$1,500
Residence and food		9,200		Internet connection		295
Local travel (included with student fees)		0		Travel home		400
Clothing		400		Personal sundries		560
Entertainment and going out		424		Misc.		420

(a1) Prepare a budget for Jo. and calculate the shortfall.

Budget for Jo
Cash InflowsTotal Cash InflowsShortfallSurplus :
Tuition and Fees Part-Time Job Internet Connection Entertainment and Miscellaneous Bursary Books and Supplies Family Support Residence and Food Clothing and Personal Sundries Travel Home		$
Residence and Food Internet Connection Books and Supplies Entertainment and Miscellaneous Tuition and Fees Clothing and Personal Sundries Travel Home Family Support Part-Time Job Bursary
Books and Supplies Entertainment and Miscellaneous Travel Home Internet Connection Clothing and Personal Sundries Residence and Food Family Support Part-Time Job Tuition and Fees Bursary
Total Cash InflowsCash InflowsShortfallSurplus
AddLess : SurplusShortfallTotal Cash OutflowsCash Outflows
Books and Supplies Part-Time Job Family Support Clothing and Personal Sundries Entertainment and Miscellaneous Bursary Tuition and Fees Travel Home Residence and Food Internet Connection
Part-Time Job Travel Home Family Support Residence and Food Bursary Tuition and Fees Books and Supplies Entertainment and Miscellaneous Internet Connection Clothing and Personal Sundries
Internet Connection Clothing and Personal Sundries Residence and Food Family Support Entertainment and Miscellaneous Bursary Travel Home Part-Time Job Tuition and Fees Books and Supplies
Residence and Food Travel Home Entertainment and Miscellaneous Books and Supplies Internet Connection Clothing and Personal Sundries Family Support Part-Time Job Bursary Tuition and Fees
Tuition and Fees Entertainment and Miscellaneous Bursary Books and Supplies Residence and Food Internet Connection Clothing and Personal Sundries Travel Home Part-Time Job Family Support
Travel Home Books and Supplies Residence and Food Internet Connection Entertainment and Miscellaneous Clothing and Personal Sundries Part-Time Job Family Support Bursary Tuition and Fees
Books and Supplies Internet Connection Travel Home Clothing and Personal Sundries Residence and Food Entertainment and Miscellaneous Family Support Bursary Tuition and Fees Part-Time Job
ShortfallTotal Cash OutflowsSurplusCash Outflows
SurplusCash InflowsTotal Cash InflowsCash OutflowsShortfallTotal Cash Outflows		$