EX 22-1 Personal Budget Obj. 2, 5 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) Purchase season football tickets in September Additional entertainment for each month Pay fall semester tuition in September $9,250 160 250 4,800 Pay rent at the beginning of each month 600 Pay for food each month 550 Pay apartment deposit on September 2 (to be returned December 600 15) Part-time job earnings each month (net of taxes) Answer + 1,200 a. Prepare a cash budget for September, October, November, and December. Check Figure: December 31 cash balance, $3,490 b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets? What are the budget implications for Craig Kovar?