ercises mber 31 cash ance, $3,150 EX 7-1 Personal budget Obj. 2, At the beginning of the school year, Priscilla Wescott decided to prepare a cash budget forth months of September, October, November, and December. The budget must plan for enoug EXCEL TEMPLATE Chapter 7 Budgeting 347 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). $6,000 Purchase season football tickets in September. 150 Additional entertainment for each month. 250 Pay fall semester tuition in September 3,500 Pay rent at the beginning of each month. 450 Pay for food each month.... 400 450 Pay apartment deposit on September 2(to be returned December 15) ... 1,300 Part-time job earnings each month (net of taxes)....... A. Prepare a cash budget for September, October, November, and December. B. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets? C. What are the budget implications for Priscilla Wescott? elling and expenses 000 sales, $332,500 EX 7-2 Flexible budget for selling and administrative expenses for a service company Obj. 2,4 Cloud Productivity Inc. uses flexible budgets that are based on the following data: Sales commissions 14% of sales Advertising expense..... 18% of sales Miscellaneous administrative expense $6,500 per month plus 12% of sales $28,000 per month Office salaries expense $12,000 per month plus 20% of sales Customer support expenses.. $30,000 per month Research and development expense. budget for March for sales volumes of ETCEL TEMPLATE