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: 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 Pay apartment deposit on September 2 (to be returned December 15) Part-time job earnings each month (net of taxes) $10,800 170 270 5,600 650 600 650 1,300 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. Craig Kovar Cash Budget For the Four Months Ending December 31 Estimated cash receipts from: Total cash receipts Less estimated cash payments for: Total cash payments Cash increase (decrease) September $ October November December Cash balance at end of month 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 sufficient cash. If Craig did not budget but went ahead with the original plan, he would be $ at the end of December, with no time left to adjust.