Personal Budget $6,340 90 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 Pay rent at the beginning of each month Pay for food each month 170 Pay apartment deposit on September 2 (to be returned December 15) 790 Part-time job earnings each month (net of taxes) 220 3,400 310 400 a. Prepare a cash budget for September, October, November, and December. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments. Craig Kovar Cash Budget For the Four Months Ending December 31 September November Estimated cash receipts from: October December Total cash receipts Less estimated cash payments for: Total cash payments Cash increase (decrease) Cash balance at end of month Cash Budget For the Four Months Ending December 31 September October November December Estimated cash receipts from: Additional entertainment Food Part-time job tent Tullion $ $ Total cash navments Craig Kovar Cash Budget For the Four Months Ending December 31 September October November Estimated cash receipts from: December Total cash receipts Less estimated cash payments for: Cash Insurance Movie tickets Part-time job Season football tickets [ Total cash payments Cash increase (decrease) b. Are the four monthly budgets that are presented prepared as budgets or be budget? c. What are the budget implications for Craig Kovar? Craig can see that his present plan sufficient cash Il Craig did not budget but went ahead with the anginal plan, he would be s at the end of December, with no time left to adjust