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) $9,250 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 160 250 4,800 600 Pay for food each month 550 Pay apartment deposit on September 2 (to be returned December 15) 600 Part-time job earnings each month (net of taxes) 1,200 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. Estimated cash receipts from: Craig Kovar Cash Budget For the Four Months Ending December 31 September October November December Part-time job Deposit 1,200 1,200 1,200 1,200 600 Total cash receipts $ 1,200 1,200 1,200 1,800 Less estimated cash payments for: Season football tickets Additional entertainment 160 X 250 X $ 250 X $ 250 X $ 250 X Tuition Rent 4,800 X 600 x 600 X 600 X 600 X Food 550 X 550 X 550 X 550 X Deposit Total cash payments 600 X Cash increase (decrease) Plus cash balance at beginning of month 6,960 X -5,760 9,250 1,400 X 1,400 X 1,400 X -200 -200 400 3,490 3,290 3,090 Cash balance at end of month $ 3,490 3,290 3,090 3,490