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 $8,960 120 310 4,800 430 240 Pay apartment deposit on September 2 (to be returned December 15) 600 Part-time job earnings each month (net of taxes) 1,110 Pay rent at the beginning of each month Pay for food each month 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 Estimated cash receipts from: September October. November December Craig Kovar Cash Budget For the Four Months Ending December 31 September October Estimated cash receipts from: Total cash receipts Less estimated cast payments for: Total cash payments Cash increase (decrease) Cash balance at end of month November December 33 b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets? K Less estimated cash payments for: Total cash payments. Cash increase (decrease) 38 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 i 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