McMichael Publishers Inc. collects 75% of its sales on account in the month of the sale and 25% in the month following the sale.

If sales on account are budgeted to be $302,000 for April and $263,000 for May, what are the budgeted cash receipts from sales on account for May? $

1. Calculator

   Personal Budget

   At the beginning of the 2016 school year, Britney Logan 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)	$8,090
   Purchase season football tickets in September	110
   Additional entertainment for each month	280
   Pay fall semester tuition in September	4,400
   Pay rent at the beginning of each month	390
   Pay for food each month	220
   Pay apartment deposit on September 2 (to be returned December 15)	600
   Part-time job earnings each month (net of taxes)	1,000

   a. Prepare a cash budget for September, October, November, and December. Enter all amounts as positive values except an overall cash decrease which should be indicated with a minus sign.

   Britney Logan
   Cash Budget
   For the Four Months Ending December 31, 2016
   	September	October	November	December
   Estimated cash receipts from:
   Part-time job	$	$	$	$
   Deposit
   Total cash receipts	$	$	$	$
   Estimated cash payments for:
   Season football tickets	$
   Additional entertainment		$	$	$
   Tuition
   Rent
   Food
   Deposit
   Total cash payments	$	$	$	$
   Cash increase (decrease)	$	$	$	$
   Cash balance at beginning of month
   Cash balance at end of month	$	$	$	$

   b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets?

   c. Brittany can see that her present plan sufficient cash. If Logan did not budget but went ahead with the original plan, she would be $ at the end of December, with no time left to adjust.