Chapter 22: Homework 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: $9,550 190 Cash balance, September 1 (from a summer job) Purchase season football tickets in September 300 Additional entertainment for each month 5,000 Pay fall semester tuition in September > Pay rent at the beginning of each month 730 Pay for food each month 670 Pay apartment deposit on September 2 (to be returned December 15) 730 Part-time job earnings each month (net of taxes) 1,450 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. 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. Chapter 22 Homework Craig Kovar Cash Budget For the Four Months Ending December 31 October November September December Estimated cash receipts from: $ Total cash receipts Less estimated cash payments for: lll Il Total cash payments Cash increase (decrease) Cash balance at end of month Cash balance at end of 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 ahead with the original plan, he would be $ with no time left to adjust. sufficient cash. If Craig did not budget but went at the end of December